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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationHard

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If an unrecorded liability later turns out to be wrong and actually no liability exists. What is the correct correction of the initial revaluation entry?

Answer and explanation

Correct answer: Debit Liability Account and credit Revaluation Account

Removing a wrongly created liability creates a gain. Therefore Liability Account is debited and Revaluation Account is credited.

Related tags

Correction Unrecorded Liability Revaluation Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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