30. (Revaluation A/c) On Z's admission, the following revaluation took place,
(a) Machinery was found undervalued by 5,000.
(6) Furniture was found over valued by 8,000.
(c) Provident fund liability is raised by 6,000
(d) Stock 8,000 is appreciated by 10%.
Prepare Revaluation Account.
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Explanation:
Revaluation Dr side
Furniture 8000
Provident Fund 6000
total 14000
Revaluation Cr side
machinery 5000
stock 800
total 5800
Dr side total is greater than Cr so there is loss on revaluation
which is written on cr side of revaluation Account as 14000-5800 = 8200
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