Practicing Success
Practicing Success
CUET Preparation Today
| How the unrecorded liabilities will be treated in the revaluation account? |
Debited to Revaluation a/c Credited to Revaluation a/c Not Shown None of the above. |
| Debited to Revaluation a/c |
| The revaluation account is credited with increase in the value of each asset and decrease in its liabilities because it is a gain and is debited with decrease in the value of assets and increase in its liabilities is debited to revaluation account because it is a loss. Similarly unrecorded assets are credited and unrecorded liabilities are debited to the revaluation account. |
