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Class 12AccountancyReconstitution - Admission of a PartnerAsset RevaluationEasy
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At the time of admission of a partner, if the debit total of the Revaluation Account is ₹8000 and the credit total is ₹12500, what will be the balance of the account?

Answer and explanation

Correct answer: ₹4500 profit

A credit balance in the Revaluation Account represents a profit because the credit side exceeds the debit side. Profit = ₹12500 − ₹8000 = ₹4500. Therefore, the correct answer is ₹4500 profit. Exam tip: subtract the smaller total from the larger total and identify whether the larger side is debit or credit.

Related tags

Revaluation-AccountAdmission-Of-PartnerProfit-CalculationAccounting-BasicsAsset RevaluationReconstitution Admission Of A PartnerAccountancyClass 12 Mcq
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10 more MCQs
  1. 1Why are assets revalued at the time of admission of a partner?
  2. 2On which side of Revaluation Account is an increase in asset value recorded?
  3. 3On which side of Revaluation Account is a decrease in asset value recorded?
  4. 4Among which partners is revaluation profit distributed?
  5. 5In which ratio is revaluation loss shared?
  6. 6If machinery value is increased from ₹50000 to ₹60000 then how much will be credited to Revaluation Account?
  7. 7If the value of furniture is reduced from ₹30,000 to ₹24,000, what will be the effect in the Revaluation Account?
  8. 8What is the entry when an unrecorded asset is found?
  9. 9What is the entry when an unrecorded liability is found?
  10. 10If a new provision for doubtful debts is created on debtors then what is the effect on Revaluation Account?
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