All increases or decreases in the value of assets and liabilities are recorded in account.

revaluation

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realisation

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partner's capital

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bank

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Solution

The correct option is A revaluation
Revaluation account is a nominal account prepared for the purpose of distributing and transferring the profit or loss arising out of increase or decrease in the book value of assets and/ or liabilities of the partnership firm at the time of change in profit sharing ratio, admission of a partner, retirement of a partner.

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Similar questions

All the increases or decreases in the value of assets and liabilities are then recorded into which account?

Which among the following statement(s) is/ are correct?

Codes :

1 only
3 only
1 and 2 only
2 and 3 only

Give an example for each of the following types of transaction.
(i) Increase in one asset, decrease in another asset.
(ii) Increase in asset, increase in liability.
(iii) Increase in asset, increase in owner's capital.
(iv) Decrease in asset, decrease in liability.
(v) Decrease in asset, decrease in owner's capital.
(vi) Decrease in liabilities, increase in owner's capital.
(vii) Increase in one liability, decrease in another liability.
(viii) Increase in liabilities, decrease in owner's capital.

Any transaction which either increases liability or decreases assets is a ____________.

Q. Any transaction which either increases liability or decreases assets is a .

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