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
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.
R Ltd. issued 10,000, 12% Debentures of Rs. 100 each at a discount of 5%. Discount on issue of debenture account will be ----------. Debenture account credited by --------
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.
An increase in the value of assets at the time of retirement of a partner is
On the retirement of a partner, unrecorded liabilities are
Stock is undervalued by 10% (Book Value of Stock Rs.54,000), Revaluation account will be
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