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Write a word/phrase/term which can substitute each of the following statements.

i. The account shows the change in the values of assets.

ii. The credit balance of the Revaluation Account.

iii. Excess of actual capital over proportionate capital.

iv. Name of an intangible asset having a value.

v. The account is debited when the new partner brings cash for his share of goodwill.

1 Answer

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Best answer

i. Revaluation Account or Profit and Loss Adjustment Account

ii. Profit on Revaluation Account

iii. Surplus Capital

iv. Goodwill

v. Cash/Bank Account

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