Question

angel and circle were partners in a firm.Their balance sheet showed furniture at 200000
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Answer 1

The correct answer is option (D) 1,83,000.

                    Revaluation a/c

Particulars           Rs.                Particulars             Rs.

To stock            40,000          By Creditors             15,000

To Debtors          2,000          By loss                      

To PDD              16,000               Angle's capital      30,000

To Furniture       17,000               Circle's capital     30,000

                           75,000                                             75,000

Value of Furniture is reduced by ₹17,000

∴ Revalued value of Furniture = ₹2,00,000 - ₹17,000  = ₹1,83,000

Answer 2

Answer:

then decreased value of furniture = $17000

Revalued value of furniture = Value of furniture before revaluation - decreased value

= 200000 - 17000

=183000

option d is the correct answer