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
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.
Question : After revaluation is done, Assets and liabilities will appear in balance sheet at
Question : If partners decided not to change book value of assets and liabilities on admission of new partners, then account prepared to adjust profit and loss arising on account of change in value of assets and liabilities is
Question : Main objective for revaluing Assets and liabilities on admission is
Question : Which of the following statements is correct in relation with revaluation account?
Question : If the net result of revaluation is profit of Rs 12,000 and partners do not want to show assets and liabilities at new values then.
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