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Read the following information and answer the given questions:Abha and Vibha are partners, who share profits and losses in the ratio of 2 : 1. From the 1st January 2021, the partners decided to change their profit - sharing ratio to 3 : 2 and agreed upon the following :(i) Goodwill of the firm valued at ₹ 45,000.(ii) Creditors of ` 8,000 are not likely to be claimed hence should be written off.(iii) Land and Building is overvalued by 10%.(iv) Provision for doubtful debts to be reduced to ₹ 3,000 The partners neither want to record the goodwill nor to distribute the general reserve.Which account will be opened to transfer the amount of creditors to be written off?a)Realisation Accountb)Revaluation Accountc)Both (A) and (B)d)Neither (A) nor (B)Correct answer is option 'B'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Read the following information and answer the given questions:Abha and Vibha are partners, who share profits and losses in the ratio of 2 : 1. From the 1st January 2021, the partners decided to change their profit - sharing ratio to 3 : 2 and agreed upon the following :(i) Goodwill of the firm valued at ₹ 45,000.(ii) Creditors of ` 8,000 are not likely to be claimed hence should be written off.(iii) Land and Building is overvalued by 10%.(iv) Provision for doubtful debts to be reduced to ₹ 3,000 The partners neither want to record the goodwill nor to distribute the general reserve.Which account will be opened to transfer the amount of creditors to be written off?a)Realisation Accountb)Revaluation Accountc)Both (A) and (B)d)Neither (A) nor (B)Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the following information and answer the given questions:Abha and Vibha are partners, who share profits and losses in the ratio of 2 : 1. From the 1st January 2021, the partners decided to change their profit - sharing ratio to 3 : 2 and agreed upon the following :(i) Goodwill of the firm valued at ₹ 45,000.(ii) Creditors of ` 8,000 are not likely to be claimed hence should be written off.(iii) Land and Building is overvalued by 10%.(iv) Provision for doubtful debts to be reduced to ₹ 3,000 The partners neither want to record the goodwill nor to distribute the general reserve.Which account will be opened to transfer the amount of creditors to be written off?a)Realisation Accountb)Revaluation Accountc)Both (A) and (B)d)Neither (A) nor (B)Correct answer is option 'B'. Can you explain this answer?.

Solutions for Read the following information and answer the given questions:Abha and Vibha are partners, who share profits and losses in the ratio of 2 : 1. From the 1st January 2021, the partners decided to change their profit - sharing ratio to 3 : 2 and agreed upon the following :(i) Goodwill of the firm valued at ₹ 45,000.(ii) Creditors of ` 8,000 are not likely to be claimed hence should be written off.(iii) Land and Building is overvalued by 10%.(iv) Provision for doubtful debts to be reduced to ₹ 3,000 The partners neither want to record the goodwill nor to distribute the general reserve.Which account will be opened to transfer the amount of creditors to be written off?a)Realisation Accountb)Revaluation Accountc)Both (A) and (B)d)Neither (A) nor (B)Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

Here you can find the meaning of Read the following information and answer the given questions:Abha and Vibha are partners, who share profits and losses in the ratio of 2 : 1. From the 1st January 2021, the partners decided to change their profit - sharing ratio to 3 : 2 and agreed upon the following :(i) Goodwill of the firm valued at ₹ 45,000.(ii) Creditors of ` 8,000 are not likely to be claimed hence should be written off.(iii) Land and Building is overvalued by 10%.(iv) Provision for doubtful debts to be reduced to ₹ 3,000 The partners neither want to record the goodwill nor to distribute the general reserve.Which account will be opened to transfer the amount of creditors to be written off?a)Realisation Accountb)Revaluation Accountc)Both (A) and (B)d)Neither (A) nor (B)Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Read the following information and answer the given questions:Abha and Vibha are partners, who share profits and losses in the ratio of 2 : 1. From the 1st January 2021, the partners decided to change their profit - sharing ratio to 3 : 2 and agreed upon the following :(i) Goodwill of the firm valued at ₹ 45,000.(ii) Creditors of ` 8,000 are not likely to be claimed hence should be written off.(iii) Land and Building is overvalued by 10%.(iv) Provision for doubtful debts to be reduced to ₹ 3,000 The partners neither want to record the goodwill nor to distribute the general reserve.Which account will be opened to transfer the amount of creditors to be written off?a)Realisation Accountb)Revaluation Accountc)Both (A) and (B)d)Neither (A) nor (B)Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Read the following information and answer the given questions:Abha and Vibha are partners, who share profits and losses in the ratio of 2 : 1. From the 1st January 2021, the partners decided to change their profit - sharing ratio to 3 : 2 and agreed upon the following :(i) Goodwill of the firm valued at ₹ 45,000.(ii) Creditors of ` 8,000 are not likely to be claimed hence should be written off.(iii) Land and Building is overvalued by 10%.(iv) Provision for doubtful debts to be reduced to ₹ 3,000 The partners neither want to record the goodwill nor to distribute the general reserve.Which account will be opened to transfer the amount of creditors to be written off?a)Realisation Accountb)Revaluation Accountc)Both (A) and (B)d)Neither (A) nor (B)Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Read the following information and answer the given questions:Abha and Vibha are partners, who share profits and losses in the ratio of 2 : 1. From the 1st January 2021, the partners decided to change their profit - sharing ratio to 3 : 2 and agreed upon the following :(i) Goodwill of the firm valued at ₹ 45,000.(ii) Creditors of ` 8,000 are not likely to be claimed hence should be written off.(iii) Land and Building is overvalued by 10%.(iv) Provision for doubtful debts to be reduced to ₹ 3,000 The partners neither want to record the goodwill nor to distribute the general reserve.Which account will be opened to transfer the amount of creditors to be written off?a)Realisation Accountb)Revaluation Accountc)Both (A) and (B)d)Neither (A) nor (B)Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Read the following information and answer the given questions:Abha and Vibha are partners, who share profits and losses in the ratio of 2 : 1. From the 1st January 2021, the partners decided to change their profit - sharing ratio to 3 : 2 and agreed upon the following :(i) Goodwill of the firm valued at ₹ 45,000.(ii) Creditors of ` 8,000 are not likely to be claimed hence should be written off.(iii) Land and Building is overvalued by 10%.(iv) Provision for doubtful debts to be reduced to ₹ 3,000 The partners neither want to record the goodwill nor to distribute the general reserve.Which account will be opened to transfer the amount of creditors to be written off?a)Realisation Accountb)Revaluation Accountc)Both (A) and (B)d)Neither (A) nor (B)Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice Commerce tests.