Question : Stock is overvalued by 10% (Book Value of Stock Rs.66,000), revaluation account will be ……
Option 1: Debited Rs 5,400
Option 2: Credited Rs6,000
Option 3: Debited Rs 6,000
Option 4: Credited with Rs 5,400
Answer (1)
22nd Jan, 2024
Correct Answer: Debited Rs 6,000
Solution : Answer = Debited Rs 6000
Debited Rs 6000($\frac{66,000}{110}\times10$)
Revaluation a/c Dr 6000
To stock 6000
Hence, the correct option is 3.
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