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Increase in the value of liabilities at the time of admission of a partner is

Anurag Pathak
June 1, 2023
[CBSE] Admission of Partner, [CBSE] TS Grewal Solutions, Accountancy Class 12th, MCQs (Admission)

957 viewsJune 1, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

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Anurag Pathak28.35K June 1, 2023 0 Comments

Increase in the value of liabilities at the time of admission of a partner is

a) Debited to Revaluation Account

b) Credited to Revaluation Account

c) Credited to Partner’s Capital Account

d) Debited to Partner’s Capital Account

Anurag Pathak Changed status to publish June 1, 2023

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1 Answer

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Anurag Pathak28.35K Posted June 1, 2023 0 Comments

Ans – a)

Explanation:-

Increase in the value of liabilities is the loss/expenses. Thus, it is debited to Revaluation Account.

Anurag Pathak Changed status to publish June 1, 2023

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Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.