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Revaluation account is prepared at the time of
- a)Admission of a partner
- b)Retirement of a partner
- c)Death of a partner
- d)All of the above
Correct answer is option 'D'. Can you explain this answer?
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Revaluation account is prepared at the time ofa)Admission of a partner...
Revaluation Account in Partnership
Revaluation account is a ledger account that is prepared at the time of admission, retirement or death of a partner in a partnership firm. The following are the details:
Admission of a partner
When a new partner is admitted into the partnership firm, the assets and liabilities of the firm are revalued to determine the true and fair value of the business. The revaluation account is prepared to adjust the value of the assets and liabilities of the firm. This account is credited with the increase in the value of the assets and debited with the decrease in the value of the assets. The total of the debit side of the revaluation account represents the decrease in the value of the assets, and the total of the credit side represents the increase in the value of the assets.
Retirement of a partner
When a partner retires from the partnership firm, the assets and liabilities of the firm are revalued to determine the true and fair value of the business. The revaluation account is prepared to adjust the value of the assets and liabilities of the firm. This account is credited with the decrease in the value of the assets and debited with the increase in the value of the assets. The total of the debit side of the revaluation account represents the increase in the value of the assets, and the total of the credit side represents the decrease in the value of the assets.
Death of a partner
When a partner dies, the assets and liabilities of the firm are revalued to determine the true and fair value of the business. The revaluation account is prepared to adjust the value of the assets and liabilities of the firm. This account is credited with the decrease in the value of the assets and debited with the increase in the value of the assets. The total of the debit side of the revaluation account represents the increase in the value of the assets, and the total of the credit side represents the decrease in the value of the assets.
Conclusion
Revaluation account is prepared at the time of admission, retirement or death of a partner in a partnership firm. It is necessary to adjust the value of the assets and liabilities of the firm to determine the true and fair value of the business.
Revaluation account is a ledger account that is prepared at the time of admission, retirement or death of a partner in a partnership firm. The following are the details:
Admission of a partner
When a new partner is admitted into the partnership firm, the assets and liabilities of the firm are revalued to determine the true and fair value of the business. The revaluation account is prepared to adjust the value of the assets and liabilities of the firm. This account is credited with the increase in the value of the assets and debited with the decrease in the value of the assets. The total of the debit side of the revaluation account represents the decrease in the value of the assets, and the total of the credit side represents the increase in the value of the assets.
Retirement of a partner
When a partner retires from the partnership firm, the assets and liabilities of the firm are revalued to determine the true and fair value of the business. The revaluation account is prepared to adjust the value of the assets and liabilities of the firm. This account is credited with the decrease in the value of the assets and debited with the increase in the value of the assets. The total of the debit side of the revaluation account represents the increase in the value of the assets, and the total of the credit side represents the decrease in the value of the assets.
Death of a partner
When a partner dies, the assets and liabilities of the firm are revalued to determine the true and fair value of the business. The revaluation account is prepared to adjust the value of the assets and liabilities of the firm. This account is credited with the decrease in the value of the assets and debited with the increase in the value of the assets. The total of the debit side of the revaluation account represents the increase in the value of the assets, and the total of the credit side represents the decrease in the value of the assets.
Conclusion
Revaluation account is prepared at the time of admission, retirement or death of a partner in a partnership firm. It is necessary to adjust the value of the assets and liabilities of the firm to determine the true and fair value of the business.
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Revaluation account is prepared at the time ofa)Admission of a partnerb)Retirement of a partnerc)Death of a partnerd)All of the aboveCorrect answer is option 'D'. Can you explain this answer?
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Revaluation account is prepared at the time ofa)Admission of a partnerb)Retirement of a partnerc)Death of a partnerd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Revaluation account is prepared at the time ofa)Admission of a partnerb)Retirement of a partnerc)Death of a partnerd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Revaluation account is prepared at the time ofa)Admission of a partnerb)Retirement of a partnerc)Death of a partnerd)All of the aboveCorrect answer is option 'D'. Can you explain this answer?.
Revaluation account is prepared at the time ofa)Admission of a partnerb)Retirement of a partnerc)Death of a partnerd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Revaluation account is prepared at the time ofa)Admission of a partnerb)Retirement of a partnerc)Death of a partnerd)All of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Revaluation account is prepared at the time ofa)Admission of a partnerb)Retirement of a partnerc)Death of a partnerd)All of the aboveCorrect answer is option 'D'. Can you explain this answer?.
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