CameraIcon

SearchIcon

MyQuestionIcon

107

You visited us 107 times! Enjoying our articles? Unlock Full Access!

Changes in the Value of Assets and Liabilities

When the debi...

Question

When the debit side of the revaluation account is less than credit side, the difference is called on revaluation.

A

profit

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

B

loss

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

net loss

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

gross profit

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A profit
If the credit side is more than the debit side of the revaluation account, it means there is profit on revaluation and is transferred to the partner's capital account.

Suggest Corrections

thumbs-up

2

Similar questions

Q. If the total of the credit side of the profit and loss account is more than the total of the debit side, the difference is the net profit.

Q. Give a word / term / phrase which can substitute each of the following statements :

Excess of credit side over debit side of revaluation account.

Q. The revaluation loss is shown on the debit side of partner's account.

Q. When total of Debit side of an account is more than total of Credit side of an account it is ____________.

Q. Excess of debit side total of an account over its credit side total is called _____.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Death of a Partner

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Changes in the Value of Assets and Liabilities

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon