Question : On the retirement of B, The building of the partnership firm whose book value was Rs 25,000 was valued at Rs 18,000. The treatment will be
Option 1: Rs 18,000 will be debited to revaluation account
Option 2: Rs 7,000 will be debited to revaluation account
Option 3: Rs 8,000 will be credited to revaluation account
Option 4: Rs 7,000 will be credited to revaluation account
Answer (1)
12th Jan, 2024
Correct Answer: Rs 7,000 will be debited to revaluation account
Solution :
Answer =
Rs 7,000 will be debited to revaluation account
Building A/c........Dr 7,000
To Revaluation A/c 7,000
Hence, the correct option is 2.
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