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
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.
Question : A debtor of Rs 31,000 agreed to pay the dissolution expenses which were Rs 30,000 in full settlement of his debt. Choose the correct option.
Question : An old computer completely written off was sold for Rs. 2,000 as scrap. Choose the correct Journal entry
A computer purchased on 1st October 2016 for Rs.40,000 debited to Office Expenses Account is to be brought into account on 31st March 2018 charging depreciation @10% p.a. on written down value basis.
Stock is undervalued by 10% (Book Value of Stock Rs.54,000), Revaluation account will be
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