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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationMedium

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Debtors decreased by ₹9000 and bills payable decreased by ₹14000. What will be the net result?

Answer and explanation

Correct answer: Profit ₹5000

Decrease in debtors is a loss of ₹9000 and decrease in bills payable is a gain of ₹14000. Net profit is ₹5000.

Related tags

Net Revaluation Debtors Bills Payable Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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