Question

In revaluation account Treatment of provision be made for outstanding repair bills

Answer 1

Answer:

treatment of  provision for outstanding repair bills are as follows :----------

increases = it recorded in the debit side of revaluation a/c because it is the loss or  decreases the profit.

decreases = it recorded in the credit side of revaluation a/c due to it is the profit or increases the profit of business

Answer 2

Answer:

increases = it recorded in the debit side of revaluation a/c because it is the loss or decreases the profit.

Explanation:

Due to the fact that the money must be paid in the future, salary outstanding is a liability and is reflected on the debit side of the profit and loss statement.

For an increase in the provision for dubious debts, the Revaluation Account is debited.

To determine net profit or loss on revaluing assets and liabilities, as well as to include such items that are not yet recorded in the books, a revaluation account is described. When a new partner is admitted, when a partner passes away, or when a partner retires, a revaluation account is created.

A typical illustration of a real account is a repair account that is unpaid.

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