Reassessment of Liabilities (Retirement)
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Is Legacy shown in the income and expenditure account?
The revaluation profit/ loss is transferred to the capital accounts of ______.
Ongoing partners
All partners
Outgoing partner
- Incoming partners
In case the revaluation account is prepared, the assets & liabilities appear in the books of the reconstituted firm at their :
Realizable Value
Revalued figure
Market Value
Old Book Values
The value of the machinery in the balance sheet is Rs. 50, 000 and after revaluation it came to Rs. 35, 000. So what is the journal entry we pass -
Revaluation A/c Dr. 15, 000
To Machinery A/c 15, 000Machinery A/c Dr. 15, 000
To Revaluation A/c 15, 000Machinery A/c Dr. 35, 000
To Revaluation A/c 35, 000Revaluation A/c Dr. 35, 000
To Machinery A/c 35, 000
Are comparative financial statements required by GAAP?
The revaluation profit/ loss is transferred to the capital accounts of all partners in ______.
Old Ratio
Gaining Ratio
Sacrificing ratio
- None of these
- Remaining partners in the profit sharing ratio
- All the partners in their old ratio
- Remaining partners in their gaining ratio
- Capital Ratio
How will you deal with a change in the profit sharing ratio among existing partners?
Take imaginary figures to illustrate your answer?
Excess of credit side over debit side of revaluation account.
The revaluation profit is ____ to the capital accounts of all partners.
either A or B
None of the above
credited
debited
- Adding
- Deducting
- Debiting
- Crediting
Debit balance in realisation account.
- Uncalled liability on partly paid shares
- Claims against the company not acknowledged as debts
- Debts included on debtors which are doubtful in nature
- Estimated amount of contracts remaining to be executed on capital amount and not provided for
State the ratio in which the partners share gain or loss from revaluation. of assets and liabilities.
Goods purchases for Rs.10, 000 received but omitted to be recorded
Goods costing Rs.20, 000 were sold & delivered but omitted to be recorded
Goods costing Rs.5, 000 were returned by customers but omitted to be recorded.
Goods costing Rs.3, 000 were returned to suppliers but omitted to be recorded.
The value of physical inventory is ___________.
- Rs.2, 26, 000
- Rs.2, 46, 000
- Rs.2, 30, 000
- None of these
- Consignor is the owner of the consignment stock
- Del-credere commission is allowed by consignor to protect himself from bad debt.
- Proportionate consignor's expenses is added up with consignment stock.
- All proportionate consignee's expenses will be added up for valuation of consignment stock.
A merchanthad Rs 78, 592 with her. She placed an order for purchasing 40 radiosets at Rs 1200 each. How much money will remain with her after thepurchase?
- remain unchanged
- increase
- decrease
- none of these
- Past transactions
- Future transactions
- Existing transactions
- None of the above
Revaluation Account is debited :
To transfer loss on revaluation
On derease in the amount of creditors
On increase in the value of land & building
On increase in provision for doubtful debts
- Accumulated profit and loss, General reserve are transferred to old partners capital account
- If assets and liabilities are to be shown in the balance sheet at old value, Memorandum Revaluation account is opened
- Profit of revaluation is transferred to the capital account of all partners in equal ratio
- Revaluation account is a nominal account
- new profit sharing
- old profit sharing
- equal
- capital
- Depreciation A/c
- Trading A/c
- Profit and loss a/c
- Furniture and fitting A/c
- suspense
- sales
- none of these
- sundry expenses
- Real account
- Personal account
- Nominal account
- Trading account
I. A represents opening stock
II. B represents purchases
III. C represents closing stock
IV. D represents cost of goods sold.
- A−C=D−B
- A+B=D−C
- D−A=B+C
- None of the above