At the time of admission of a new partner in a firm, the value of furniture in the old balance sheet was RO 10000 but it was devalued to RO 9000. So, the accounting entry for revaluation will be a. Debit: Furniture a/c RO 1000 Credit: Revaluation a/c RO 1000 O b. Debit: Revaluation a/c RO 9000 Credit: Furniture a/c RO 9000 O c. Debit: Revaluation a/c RO 1000 Credit: Furniture a/c RO 1000 d. Debit: Revaluation a/c RO 10000 Credit: Furniture a/c RO 10000

At the time of admission of a new partner in a firm, the value of furniture in the old balance sheet was RO 10000 but it was devalued to RO 9000. So, the accounting entry for revaluation will be a. Debit: Furniture a/c RO 1000 Credit: Revaluation a/c RO 1000 O b. Debit: Revaluation a/c RO 9000 Credit: Furniture a/c RO 9000 O c. Debit: Revaluation a/c RO 1000 Credit: Furniture a/c RO 1000 d. Debit: Revaluation a/c RO 10000 Credit: Furniture a/c RO 10000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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