Question

Assets and Liabilities are shown at their revalued values in :
(a) New Balance Sheet
(b) Revaluation A/c
(c) All Partner’s Capital A/c’s
(d) Realisation A/c​

Answer 1

Answer:

option:b revaluation a/c

Answer 2

Answer:

Explanation:

• ASSETS AND LIABILITIES ARE REVALUED IN REVALUATION A/C ,ALSO KNOWN AS PROFIT AND LOSS ADJUSTMENT A/C.
• THE PROFIT OR LOSS ON REVALUATION IS TRANSFERED TO PARTNERS CAPITAL A/C
• IF LOSS,DEBITED
• PROFIT,CREDITED
• IN CASE OF ADMISSION => OLD PARTNERS CAPITAL A/C
• IN CASE OF DEATH,RETIREMENT=> ALL PARTNERS CAPITAL A/C