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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationHard

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Building changes from ₹500000 to ₹560000 and machinery from ₹300000 to ₹270000. Creditors decrease by ₹20000. What is the revaluation profit?

Answer and explanation

Correct answer: ₹50000

Building increase ₹60000 and creditors decrease ₹20000 are gains while machinery decrease ₹30000 is a loss. Net profit is ₹50000.

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Building Machinery Creditors Profit Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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