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
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.
Question : Q, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs. 18,000. Q agreed to take over stock worth Rs. 18,000 as his remuneration. The stock had already been transferred to the Realisation Account. The entry will
Question : An old computer completely written off was sold for Rs. 2,000 as scrap. Choose the correct Journal entry
Question : A, B and C were partners sharing profits in the ratio of 2: 3: 4. On 15th March 2018 B died and the new profit-sharing ratio of A and C was 5: 4. On B's death the goodwill of the firm was valued at Rs.75,000. Choose the correct Journal entry with respect to the treatment
Question : Value of Land & Building is to be increased by Rs.5,00,000 (Book Value Rs.4,00,000), Revaluation will be
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