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Why the revolution account is necessary to prepare accounts?
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Why the revolution account is necessary to prepare accounts?
It is desirable to prepare a revaluation account for the change in the value of assets and liabilities on admission of new partner so that the new partner is neither put to an advantage or disadvantage because of change in value of assets and liabilities of the firm as on the date of admission.
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Deepanshu Himanshu and Pulkit are partners sharing profit and loss and their capital account capital account is the password to like Himanshu 90000 Pulkit 50000 current account 15000 1600 balance Anshu 25000 Himanshu credit balance Pulkit 32500 credit balance drawings 25520 Manshu 15000 and at the rate percent per annum 10% of 12% respectively before closing the accounts following point 1 notice machinery purchased on 1st October 2018 10000 debited to repair accounts and depreciation charged thereon at the rate of 15% per annum personal expenses paid to Himanshu 48 6000 word was debited to which is of 13th September 2018 life insurance premium paid off Dipanshu rate 6500 was paid by the form of 31 3 2019 charge to office expenses prepare Profit and Loss appropriation account for the year ending 31 March 2019 Related: Profit and Loss Appropriation Account - Class 12, Accountancy?

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Why the revolution account is necessary to prepare accounts?
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Why the revolution account is necessary to prepare accounts? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Why the revolution account is necessary to prepare accounts? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Why the revolution account is necessary to prepare accounts?.
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