Calculate revaluation profit and loss from the following: Buildings Book value Rs 550000 now valued at 125%,Provision for doubtful debts on debtors required @10%. Debtors Book Value Rs 80000 less P F B D Rs 3000.Machinery B V Rs 99000 found overvalued by 10%.Prepare Revaluation Account also.
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Answer:
1,23,500 is Revaluation profit.
Explanation:
- 5,50,000. 100
? 125
Ans is 6,87,500
2. 80,000
- 3,000
-5,000
72,000
3. 99,000 110
? 100
Ans is 90,000.
Revaluation Account:-
Bad debts A/c. 5,000. Building A/c. 1,37,500
Machinery A/c. 9,000.
Partner's capital
A/c(profit). 1,23,500
_______. ______
1,37,500. 1,37,500
_______. ______
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