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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationHard

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Old balance sheet shows claim provision of ₹30000. On admission the claim is settled at only ₹22000. What will be the effect in Revaluation Account?

Answer and explanation

Correct answer: Credit ₹8000

The provision was ₹8000 more than the actual claim so the excess is a gain. It will be credited to Revaluation Account.

Related tags

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

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