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Question :

A debtor whose due of Rs.40,000 was written off as bad debts last year, paid Rs.30,000 in full settlement. The revaluation account will be 

 

Option 1: Debited with Rs 30,000

Option 2: Credited with Rs 30,000

Option 3:  Credited with Rs 40,000

Option 4: No journal entry is required


Team Careers360 3rd Jan, 2024
Answer (1)
Team Careers360 18th Jan, 2024

Correct Answer: Credited with Rs 30,000


Solution : Answer = Credited with Rs 30,000

Bad-debt Recovered A/c Dr 30000

To Revaluation 30000
Hence, the correct option is 2.

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