Question : Credit side of revaluation account Rs 60,000 and debit side of revaluation account Rs 40,000 . Entry for the balance will be .
Option 1: A and B debited with Rs 12,000 and Rs 8,000 and credited revaluation account Rs 20,000
Option 2: Revaluation account Dr Rs 20,000 and crediting A's account Rs 12,000 and B's account Rs 8,000
Option 3: Revaluation account Dr 20,000 and crediting A, B and C with Rs 6,667 each
Option 4: None of the above
Correct Answer: Revaluation account Dr Rs 20,000 and crediting A's account Rs 12,000 and B's account Rs 8,000
Solution : Answer = Revaluation account Dr Rs 20,000 and crediting A's account Rs 12000 and B's account Rs 8000
Revaluation A/c Dr 20,000
To A's Capital A/c 12000
To B's Capital A/c 8000
(old ratio = 3:2)
Hence, the correct option is 2.
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