If at the time of admission, there is some unrecorded liability it will be –

4. If at the time of admission, there is some unrecorded liability it will be:

  1. Debited to revaluation account
  2. Credited to revaluation account
  3. Debited to revaluation account
  4. Credited to revaluation account

Answer: A) Debited to revaluation account

Explanation:

A revaluation account is a nominal account, prepared for the distribution and transfer of profits and losses arising from the increase and decrease in the carrying amount of assets and liabilities at the time of changing profit-sharing ratio, partner acceptance, partner retirement. and the death of a partner. Inflation, unrecorded assets, depreciation of liabilities are credited to the revaluation account and Depreciation of assets, Increased liability and non-recorded liabilities are debited from revaluation account.

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