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Class 12 · Accountancy
→A firm increased building by ₹30000 but later in memorandum revaluation it must be reversed. What is the effect of the reverse entry?
Class 12 · Accountancy
→In Memorandum Revaluation Account the result of reverse entries may be shared among all partners including the new partner in which ratio?
Class 12 · Accountancy
→In Memorandum Revaluation Account the profit of the first part is shared among old partners in which ratio?
Class 12 · Accountancy
→If old partners decide that revaluation is only for internal adjustment and new values should not appear in books which idea may apply instead of normal Revaluation Account?
Class 12 · Accountancy
→In which situation will the revised balance sheet show the new asset value and Revaluation Account show only the difference?
Class 12 · Accountancy
→At the time of admission of a partner, the old tax provision was ₹56,000, whereas the actual tax liability after revaluation was determined to be ₹49,000. What will be its effect on the Revaluation Account?
Class 12 · Accountancy
→The tax provision is ₹37,000, whereas the actual tax liability is determined to be ₹42,800. What effect will this adjustment have on the Revaluation Account?
Class 12 · Accountancy
→Prepaid insurance ₹12600 is in balance sheet but ₹4200 of it has expired. What happens in revaluation?
Class 12 · Accountancy
→The old stock is valued at ₹1,50,000. A portion worth ₹28,000 has become worthless, while the value of the remaining stock has increased by ₹12,000. What will be the net effect of revaluation?
Class 12 · Accountancy
→At the time of admission of a partner, the book value of computers decreases from ₹88,000 to ₹68,000, while the value of a loan decreases from ₹1,50,000 to ₹1,42,000. What will be the net effect on the Revaluation Account?
Class 12 · Accountancy
→The accountant debited unrecorded asset ₹31000 to Revaluation Account. What is the error?
Class 12 · Accountancy
→The accountant debited ₹22000 decrease in liability to Revaluation Account. What is the correct treatment?
Class 12 · Accountancy
→A, B, and C are old partners sharing profits in the ratio 1:2:2. A revaluation loss of ₹75,000 was incurred. What amount will be debited to C’s Capital or Current Account for C’s share of the loss?
Class 12 · Accountancy
→If only market value of an old asset changes at admission but book value is not yet changed why may Revaluation Account be needed?
Class 12 · Accountancy
→Which item will create an amount on the credit side of Revaluation Account?
Class 12 · Accountancy
→Which item will create an amount on the debit side of Revaluation Account?
Class 12 · Accountancy
→A trademark has book value ₹0 but is valued at ₹65000 on admission. What is its treatment?
Class 12 · Accountancy
→The book value of a building is ₹6,40,000, and its value is to be increased by 7.5%. What amount will be credited to the Revaluation Account?
Class 12 · Accountancy
→The book value of office furniture is ₹72,000, and its value is to be reduced by 20%. What amount will be recorded in the Revaluation Account?
Class 12 · Accountancy
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