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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationHard

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Revaluation expense of ₹7500 is paid in cash on admission. What will be its effect in Revaluation Account?

Answer and explanation

Correct answer: Debit ₹7500

Expense related to revaluation is a loss for the firm. Therefore Revaluation Account is debited and Cash Account is credited.

Related tags

Revaluation Expense Cash Paid Debit Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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