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Class 12 · Accountancy
→In memorandum revaluation machinery is first increased by ₹56000 and then reversed. What type of effect will the reverse entry give?
Class 12 · Accountancy
→In Memorandum Revaluation Account the result of reverse entries is generally shared in which ratio?
Class 12 · Accountancy
→In the first part of Memorandum Revaluation Account who gets the gain from asset increase?
Class 12 · Accountancy
→If partners want to keep old book values but adjust profit or loss which account is suitable?
Class 12 · Accountancy
→In normal revaluation which value is shown in the revised balance sheet?
Class 12 · Accountancy
→The provision for tax was ₹1,02,000, whereas the final tax liability was determined to be ₹94,300. What will be the effect in the Revaluation Account at the time of admission of a partner?
Class 12 · Accountancy
→At the time of reconstitution, the provision for tax was ₹84,000, whereas the actual tax liability was determined to be ₹91,500. What will be its effect on the Revaluation Account?
Class 12 · Accountancy
→Advance tax of ₹48,000 appears as an asset, but ₹7,500 is no longer adjustable. What is the effect in the Revaluation Account?
Class 12 · Accountancy
→Goods worth ₹36,000 in the old stock are found damaged, while the value of the remaining stock increases by ₹21,500. What will be the net effect on the Revaluation Account?
Class 12 · Accountancy
→At the time of admission of a new partner, the book value of a car decreases from ₹2,40,000 to ₹2,08,000, while a bank loan decreases from ₹3,30,000 to ₹3,12,000. What will be the net effect in the Revaluation Account?
Class 12 · Accountancy
→At the time of admission of a new partner, the accountant credited an increase in liability of ₹34,000 to the Revaluation Account. Why is this an accounting error?
Class 12 · Accountancy
→An accountant credited a decrease in an asset of ₹29,000 to the Revaluation Account. What should be the correct accounting treatment for this item?
Class 12 · Accountancy
→A, B and C are old partners sharing profits in the ratio 4:4:1. A revaluation loss of ₹99,000 is incurred. What will be C’s (the third partner’s) share of this loss?
Class 12 · Accountancy
→Why are changes in old values kept separate from the new partner at admission?
Class 12 · Accountancy
→Which item will be credited to the credit side of Revaluation Account?
Class 12 · Accountancy
→Which of the following items will be recorded on the debit side of the Revaluation Account?
Class 12 · Accountancy
→Old copyright was not in books but at admission its value is taken as ₹82500. What is its treatment?
Class 12 · Accountancy
→The book value of land is ₹925000, and it is revalued upward by 8%. What amount will be credited to the Revaluation Account?
Class 12 · Accountancy
→The book value of furniture is ₹1,35,000, and it is to be reduced by 12%. What amount will be debited to the Revaluation Account?
Class 12 · Accountancy
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