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Subjects
Class 12AccountancyReconstitution - Admission of a PartnerAsset RevaluationHard
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If on admission the value of a liability decreases from ₹98000 to ₹76000, what will happen in Revaluation Account?

Answer and explanation

Correct answer: Credit ₹22000

Decrease in liability by ₹22000 is a gain for the firm. When liability decreases Revaluation Account is credited.

Related tags

Liability DecreaseRevaluation GainCreditAsset 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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