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
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.
Question :
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