Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Question 21 Chapter 4 of +2-Part-1
21. (Revaluation account) Prepare revaluation account of a firm of partner A and B:
Creditors gave up claim Rs.4,000; Bills payable reduced by Rs.2,000; Salary outstanding not yet recorded in the books Rs.500; Building Rs.1,00,000 increased to Rs.1,10,000; Machinery Rs.50,000; Half of the machinery was valued at Rs.28,000 and the other half was written off by Rs.7,000; Prepaid Insurance Rs.1,500 not yet recorded in the books.
Revaluation A/c
| Particular |
Amount | Particular | Amount | ||
|---|---|---|---|---|---|
| To Outstanding salary | 500 | By Creditors | 4,000 | ||
| To machinery | 7,000 | By Bills Payable | 2,000 | ||
| By Building | 10,000 | ||||
| By Machinery | 3,000 | ||||
| By Prepaid insurance | 1,500 | ||||
| To profit on revaluation: | |||||
| -A (1/2) | 6,500 | ||||
| -B (1/2) | 6,500 | 13,000 | |||
| 20,500 | 20,500 | ||||
Thanks, Please Like and share with your friends
Comment if you have any questions.
Economics Educator
Mrs. Dilgeerjot Kaur holds a B.Com and M.Com degree and has over 9 years of teaching experience in microeconomics, macroeconomics, and business economics.
This guide covers "Question 21 Chapter 4 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 21 Chapter 4 of +2 Part-1 - USHA Publication 12 Class Part - 1" instantly.
