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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationHard

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Old provision for doubtful debts was ₹7000. On admission the required provision is found to be ₹5000. What will happen in Revaluation Account?

Answer and explanation

Correct answer: Credit ₹2000

Reduction in provision decreases a deduction or liability and is a gain credited to Revaluation Account. Record only the difference.

Related tags

Provision Decrease Revaluation Gain Admission Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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