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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationExpert

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On admission of a partner, a building with a book value of ₹7,50,000 is revalued at ₹8,18,000. What is recorded in the Revaluation Account?

Answer and explanation

Correct answer: ₹68,000 credit

The building’s value increases by ₹8,18,000 − ₹7,50,000 = ₹68,000. This increase is a gain, so ₹68,000 is credited to the Revaluation Account.

Related tags

Asset Revaluation Building Increase Revaluation Account Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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