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Class 12 · Accountancy
→On the admission of a new partner, an environmental compensation liability of ₹62,000 is estimated, although it was not previously recorded in the firm's books. What will be its effect on the Revaluation Account?
Class 12 · Accountancy
→At the time of a new partner’s admission, the old partners discovered that a loan of ₹50,000 recorded in the books was actually a partner’s personal loan. What effect will removing this liability from the firm’s books have on the Revaluation Account?
Class 12 · Accountancy
→If Revaluation Account shows loss, on which side will it be recorded in old partners capital accounts?
Class 12 · Accountancy
→If Revaluation Account shows profit, on which side will it be recorded in old partners capital accounts?
Class 12 · Accountancy
→Old books show plant ₹360000 and accumulated depreciation ₹90000. On admission net value of plant is accepted at ₹300000. What is the revaluation result?
Class 12 · Accountancy
→The old provision for depreciation is ₹30,000. The related asset has a gross value of ₹2,00,000 and its newly accepted net value is ₹1,60,000. What is the revaluation loss?
Class 12 · Accountancy
→On admission previously written off bad debts of ₹4500 are found recoverable due to higher expected collection from debtors. What is the treatment?
Class 12 · Accountancy
→On admission, bad debts are ₹10,000 and the old provision for doubtful debts is ₹6,000. No new provision is required. How much loss will be transferred to Revaluation Account?
Class 12 · Accountancy
→On admission, bad debts of ₹7,000 are written off and the old provision for doubtful debts is also ₹7,000. If no new provision is required, what will be the effect on Revaluation Account?
Class 12 · Accountancy
→If on admission the value of a liability decreases from ₹98000 to ₹76000, what will happen in Revaluation Account?
Class 12 · Accountancy
→If on admission the value of a liability increases from ₹110000 to ₹125000, what will happen in Revaluation Account?
Class 12 · Accountancy
→Which item is normally considered separately in partners capital adjustment and not as an asset revaluation item?
Class 12 · Accountancy
→On admission, the firm creates a provision of ₹16,000 for repair of old furniture. What will be its effect in Revaluation Account?
Class 12 · Accountancy
→On admission, 20% of equipment with book value ₹1,28,000 becomes useless and the remaining value increases by 15%. What is the correct net result?
Class 12 · Accountancy
→On admission 20 percent of equipment with book value ₹128000 becomes useless and the remaining value increases by 15 percent. What is the net result?
Class 12 · Accountancy
→At the time of admission of a new partner, the Cash Book shows a cash balance of ₹30,000, whereas the physical count reveals ₹28,450. What effect will this shortage have on the Revaluation Account?
Class 12 · Accountancy
→On admission bank balance in books was ₹85000 but bank confirmation showed ₹87200. What is the treatment of the extra amount?
Class 12 · Accountancy
→Old partners share profits in 8:5. Revaluation loss is ₹52000. If it is shared equally, what is the effect on the first partner compared with the correct amount?
Class 12 · Accountancy
→If revaluation profit ₹66000 is wrongly shared equally among three including the new partner while old partners ratio was 2:1, how much wrong credit did the new partner receive?
Class 12 · Accountancy
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