Question

92) John and James are partners sharing profits equal Jack enters the partnership and contributes a Land who Historical Cost is Rs. 50,000, Book Value is Rs. 25,0 and Current Market Value is Rs. 30,000. By what amo Jack's account should be increased? Answer this with explanation.​

Answer 1

Answer:

B

Explanation:

According to the concept of Conservatism, the stock in trade is valued at Market price or cost price whichever is lower.