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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationHard

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On admission old prepaid insurance of ₹18000 is considered useful only to the extent of ₹12000. What amount will go to Revaluation Account?

Answer and explanation

Correct answer: Debit ₹6000

The usefulness of prepaid expense has decreased by ₹6000. A decrease in asset is debited to Revaluation Account.

Related tags

Prepaid Expense Asset Decrease Debit Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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