Question :
Value of Land & Building is to be increased to Rs.5,00,000 (Book Value Rs.4,00,000), land and building account will be …
Option 1: Debited by Rs 1,00,000
Option 2: Credited by Rs 1,00,000
Option 3: Debited by Rs 5,00,000
Option 4: Credited with Rs 5,00,000
Answer (1)
22nd Jan, 2024
Correct Answer: Debited by Rs 1,00,000
Solution :
Answer = Debited by Rs 1,00,000
land and building is increased by Rs 1,00,000
Land and Building A/c Dr 1,00,000
To Revaluation 1,00,000
Hence, the correct option is 1.
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