Question : Which of the following would affect the Revaluation Account at the time of admission of a partner?
(A) Increase in assets
(B) Drawings against capital
(C) Recording of unrecorded assets
(D) Decrease in liabilities
Choose the correct answer from the options given below:
Option 1: (A), (B) and (C) only
Option 2: (A), (B) and (D) only
Option 3: (A), (C) and (D) only
Option 4: (B), (C) and (D) only
Answer (1)
25th Jan, 2024
Correct Answer: (A), (C) and (D) only
Solution : Following are the items that affect the Revaluation Account at the time of admission of a partner: 1. Increase in assets and liabilities, 2. Decrease in assets and liabilities, 3. Unrecorded assets and liabilities.
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