Match List-I with List-II
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List-I Revaluation of assets and reassessment of liabilities at the time of admission of a new partner |
List-II Journal Entry |
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(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 |
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(C) For reduction in the value of an asset |
(III) Asset A/c Dr. To Revaluation A/c |
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(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:
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → (A)-(III), (B)-(IV), (C)-(I), (D)-(II)
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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 |