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Question :

An increase in the value of assets at the time of retirement of a partner is

Option 1: credited to Revaluation Account.

Option 2:

debited to Revaluation Account.

 

Option 3: debited to Profit and Loss Account.

Option 4:

debited to Profit and Loss Appropriation Account.

 


Team Careers360 9th Jan, 2024
Answer (1)
Team Careers360 19th Jan, 2024

Correct Answer: credited to Revaluation Account.


Solution : Answer = credited to Revaluation Account.

An increase in the value of assets at the time of retirement of a partner is credited to the Revaluation Account. This account is used to record any changes in the value of assets or liabilities of the partnership, ensuring that the partner's capital account reflects their share of the partnership's assets accurately.
Hence, the correct option is 1.

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