Question : If Memorandum revaluation account is prepared, Assets and liabilities will appear in balance sheet at
Option 1: New values
Option 2: Old values
Option 3: Cost
Option 4: None of the above

Question

Question : If Memorandum revaluation account is prepared, Assets and liabilities will appear in balance sheet at

Option 1: New values

Option 2: Old values

Option 3: Cost

Option 4: None of the above

Team Careers360 · Accepted Answer

Correct Answer: Old values

Solution : Answer = old values

When a Memorandum Revaluation Account is prepared, assets and liabilities continue to appear on the balance sheet at their original values, also known as the old values. The purpose of the memorandum account is to record the adjustments to the values of assets and liabilities without actually changing their carrying amounts on the balance sheet.
Hence, the correct option is 2.

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Question : If Memorandum revaluation account is prepared, Assets and liabilities will appear in balance sheet atOption 1: New valuesOption 2: Old valuesOption 3: CostOption 4: None of the above

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Question : If Memorandum revaluation account is prepared, Assets and liabilities will appear in balance sheet at
Option 1: New values
Option 2: Old values
Option 3: Cost
Option 4: None of the above