Increase in the value of assets at
the time of retirement of a partner
Q 25. is
A.
credited to Revaluation Account.
B.
debited to Revaluation Account
C.
debited to Profit and Loss Account.
D.
debited to Profit and Loss Appropriation
Account
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Answer:
Revaluation account is an account prepared for revaluation of assets and reassessment of liabilities. It may be prepared at the admission, retirement or dissolution of a partnership firm.
In this account decrease in assets and increase in liability is debited and increase in asset and decrease in liability is credited. Difference between the two sides show profit and loss.
Profit and loss on revaluation is distributed among existing partnemrs.
D is the answer
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