Answer Posted / nazi
There can be many situations but the main entries w.r.t. revaluation can be summed up as below:
Case 1:In case of increase in value of asset-
Particular Assets A/c Dr.
To Revaluation Reserve A/c
(being increase in value of asset)
Revaluation Reserve A/c Dr.
To Old Partners' Capital A/cs.
(being Revaluation reserve transferred
to Old Partners Capital Accounts)
Case 2: In case of decrease in value of asset-
Revaluation Reserve A/c Dr.
To Particular Assets A/c
(being decrease in value of asset)
Old Partners' Capital A/cs Dr.
To Revaluation Reserve A/c
(being loss on revaluation transferred
to old partners capital accounts)
| Is This Answer Correct ? | 6 Yes | 2 No |
Post New Answer View All Answers
wHAT ARE EVENTS
what type of a/c these accounts are are tey real, nominal or personal (1)realisation a/c (2)new company a/c(3)equity share holders a/c
EXPAND_________SEAMEC
MMT and MID payment how post in tally
How do the standards assist the users of financial report?
What is wealth maximisation
If its is declared by auditor that business is not going concern that what journal entry will be pass?
what is purchase tax in rajasthan.
What are motive behind mergers And acquisitions?
what is the difference between financial accouning and financial management?
What is 100% EOu? what is the benifit and what is difficulty of it?
what is contigent liabilities? whats it status in balance sheet?
Define Payee
1.how can carry forward the balance of ledgers to the next financial year in tally erp 9
What is Insider Trading ?
