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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationEasy

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If creditors are reduced from ₹20000 to ₹18000 then what will happen in Revaluation Account?

Answer and explanation

Correct answer: ₹2000 credit

Reduction in creditors by ₹2000 is a gain so it is credited to Revaluation Account. Liability decrease is a gain.

Related tags

Numerical Creditors-Liability Gain Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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