Increase and decrease in the value of assets and liabilities are recorded through

Anurag Pathak
May 4, 2023
[CBSE] TS Grewal Solutions, Accountancy Class 12th, Change in Profit Sharing Ratio, MCQs (PSR)

Anurag Pathak28.60K May 4, 2023 0 Comments

Increase and decrease in the value of assets and liabilities are recorded through

a) Profit & Loss Account

b) Profit & Loss Appropriation Account

c) Partner’s Capital Accounts

d) Revaluation Account

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Anurag Pathak28.60K Posted May 4, 2023 0 Comments

Ans – d)

Explanation:-

The increase and decrease in assets and liabilities are first recorded in revaluation account. The final profit or loss of revaluation is distributed among partners.

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