The loss on revaluation is debited in the Old partners capital account. Select one: True False

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The loss on revaluation is debited in the Old partners capital account.

Select one:
True
False
 
* with full detail explanation  
* Also tell what is the reason for the wrong answer which is wrong.
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