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Subjects
Class 12AccountancyReconstitution - Admission of a PartnerAsset RevaluationHard
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Debtors are ₹180000. Bad debts of ₹12000 are to be written off and 5 percent provision is required on the balance. If old provision is ₹6000, what is the total additional loss?

Answer and explanation

Correct answer: ₹14400

Bad debts are ₹12000 and new provision on ₹168000 is ₹8400. After old provision ₹6000, extra provision is ₹2400 so total loss is ₹14400.

Related tags

DebtorsBad DebtsOld ProvisionAsset RevaluationReconstitution Admission Of A PartnerAccountancyClass 12 Mcq
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10 more MCQs
  1. 1Why are assets revalued at the time of admission of a partner?
  2. 2On which side of Revaluation Account is an increase in asset value recorded?
  3. 3On which side of Revaluation Account is a decrease in asset value recorded?
  4. 4Among which partners is revaluation profit distributed?
  5. 5In which ratio is revaluation loss shared?
  6. 6If machinery value is increased from ₹50000 to ₹60000 then how much will be credited to Revaluation Account?
  7. 7If the value of furniture is reduced from ₹30,000 to ₹24,000, what will be the effect in the Revaluation Account?
  8. 8What is the entry when an unrecorded asset is found?
  9. 9What is the entry when an unrecorded liability is found?
  10. 10If a new provision for doubtful debts is created on debtors then what is the effect on Revaluation Account?
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