Match List-I with List-II List-

CUET Preparation Today

Start Free Mocks

Home Questions TNRHQKRP6E

Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Admission of a Partner

Question:

Match List-I with List-II

List-I Revaluation of assets and reassessment of liabilities at the time of admission of a new partner	List-II Journal Entry
(A) For increase in the value of an asset	(I) Revaluation A/c Dr. To Asset A/c
(B) For reduction in the amount of a liability	(II) Revaluation A/c Dr. To Liability A/c
(C) For reduction in the value of an asset	(III) Asset A/c Dr. To Revaluation A/c
(D) For appreciation in the amount of a liability	(IV) Liability A/c Dr. To Revaluation A/c

Choose the correct answer from the options given below:

Options:

(A)-(I), (B)-(II), (C)-(III), (D)-(IV)

(A)-(I), (B)-(III), (C)-(II), (D)-(IV)

(A)-(I), (B)-(II), (C)-(IV), (D)-(III)

(A)-(III), (B)-(IV), (C)-(I), (D)-(II)

Correct Answer:

(A)-(III), (B)-(IV), (C)-(I), (D)-(II)

Explanation:

The correct answer is Option (4) → (A)-(III), (B)-(IV), (C)-(I), (D)-(II)

List-I Revaluation of assets and reassessment of liabilities at the time of admission of a new partner	List-II Journal Entry
(A) For increase in the value of an asset	(III) Asset A/c Dr. To Revaluation A/c
(B) For reduction in the amount of a liability	(IV) Liability A/c Dr. To Revaluation A/c
(C) For reduction in the value of an asset	(I) Revaluation A/c Dr. To Asset A/c
(D) For appreciation in the amount of a liability	(II) Revaluation A/c Dr. To Liability A/c