Question :
A liability for a claim, included in creditors for Rs.20,000 is settled at Rs.16,000. The revaluation account will be -----
Option 1: Debited by Rs 4,000
Option 2: Credited by Rs 4,000
Option 3: No effect on revaluation account
Option 4: None of the above
Answer (1)
20th Jan, 2024
Correct Answer: Credited by Rs 4,000
Solution : Answer = Credited by Rs 4000
Creditor A/c Dr 4000
To Revaluation 4000
Hence, the correct option is 2.
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