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The Balance Sheet shows land and building Rs. 90,300. But after the change in agreement land and building be brought up to Rs.1, 19,700. By what amount land and building account should be recorded in revaluation account
  • a)
    Rs.119700
  • b)
    Rs.29400
  • c)
    Rs.90300
  • d)
    Rs.90200
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
The Balance Sheet shows land and building Rs. 90,300. But after the ch...
The correct answer is B.
Land and building is an asset. Revaluation account considers only the changes in assets and liabilities. So since land and building was ₹90300 earlier and now it is to be brought up to ₹119700. This means the value of land and building is increased. So revaluation will consider only the increased amount and not the whole value of building . So increased amount is 119700-90300=₹29400
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Most Upvoted Answer
The Balance Sheet shows land and building Rs. 90,300. But after the ch...
The correct answer is B.
Land and building is an asset. Revaluation account considers only the changes in assets and liabilities. So since land and building was ₹90300 earlier and now it is to be brought up to ₹119700. This means the value of land and building is increased. So revaluation will consider only the increased amount and not the whole value of building . So increased amount is 119700-90300=₹29400
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Community Answer
The Balance Sheet shows land and building Rs. 90,300. But after the ch...
Will do simple substraction 119700 - 90300...to find the value of increase in assets.
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The Balance Sheet shows land and building Rs. 90,300. But after the change in agreement land and building be brought up to Rs.1, 19,700. By what amount land and building account should be recorded in revaluation accounta)Rs.119700b)Rs.29400c)Rs.90300d)Rs.90200Correct answer is option 'B'. Can you explain this answer? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about The Balance Sheet shows land and building Rs. 90,300. But after the change in agreement land and building be brought up to Rs.1, 19,700. By what amount land and building account should be recorded in revaluation accounta)Rs.119700b)Rs.29400c)Rs.90300d)Rs.90200Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The Balance Sheet shows land and building Rs. 90,300. But after the change in agreement land and building be brought up to Rs.1, 19,700. By what amount land and building account should be recorded in revaluation accounta)Rs.119700b)Rs.29400c)Rs.90300d)Rs.90200Correct answer is option 'B'. Can you explain this answer?.
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