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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 


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