bills of Rs 20,000 accepted from creditors were not recorded in the books . Will it appear in revaluation account. why/why not?
Answers
Adjustment and revaluation of Assets : Revaluation account and examples
Before we introduce a new partner to the partnership firm,we must ensure all the assets and liabilities are valued correctly so just prior to introducting a new partner revaluation account is made in books of accounts
Answer:in revaluation account we make adjustments related to assets and liabilities due to changes in them in other words revalued assets and liabilities bcz of entry of a new partner. Through revalued of assets and liabilities we now the profit and loss nd which is distributed among old partners in their profit and loss sharing ratio.
Explanation:So ,according to this we treated creditors to Revaluation account in the debit side bcz it is a part of liability nd increased in liability is treated in debit side of Revaluation Account.