Adjustment for Revaluation of Assets and Liabilities
Adjustment for Revaluation of Assets and Liabilities: Overview
This topic covers concepts such as, Adjustment for Revaluation of Assets and Liabilities etc.
Important Questions on Adjustment for Revaluation of Assets and Liabilities
What is the primary purpose of preparing a revaluation account during the retirement of a partner?
In the event of a partner's death, the revaluation of assets and liabilities is done to ascertain:
Which account is credited when there is an increase in the value of assets during revaluation?
What account is debited when there is an increase in the value of liabilities during revaluation?
When a partner retires, the revaluation account is prepared to record the:
Journal entry to be passed for unrecorded assets for preparing Revaluation A/C at the time of Retirement of a partner will be ____
On the date of admission of a partner there was a balance of ₹ 45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at:
Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?
