Question : Value of Land & Building is to be increased by Rs.5,00,000 (Book Value Rs.4,00,000), Revaluation will be
Option 1: Debited with Rs 1,00,000
Option 2: Credited with Rs 1,00,000
Option 3: Debited with Rs 5,00,000
Option 4: Credited with Rs 5,00,000
Answer (1)
23rd Jan, 2024
Correct Answer: Credited with Rs 1,00,000
Solution :
Entry will be:
Land & Buildings A/c Dr. 1,00,000
To Revaluation A/c 1,00,000 (5,00,000 - 4,00,000)
Hence, the correct option is 2.
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