Change in Profi...

Why it is necessary to compare and revalue the assets and liabilities?

Where will you record unrecorded liabilities?

Unless otherwise stated partner’s capital account should be assumed to be

The balance of revaluation account is transferred to

Which of the following is false regarding the content of revaluation account:

In the journal entry for increase in the value of assets in revaluation. Assets A/c should be

When revaluation account is prepared the assets and liabilities appear in the balance sheet of new firm at their _______ figure

P, Q and R who are presently sharing profits and losses in the ratio 5:3:2 decide to share future profits and losses in the ratio of 2:3:5 with effect from 1st April 2012. Balance sheet show creditors amounted ` 200000. If it is decided that an item of ` 10000 included in sundry creditors is not likely to be claimed. what will be the effect of this decision

While recording the unrecorded liabilities items provision for taxation made ` 10000 .which account should be credited

If Assets are increasing but liabilities decreasing; in such a case Revaluation A/c will show_____