2. Questions Bank
  3. 12th Class
  4. Accountancy
  5. Change in Profit Sharing Ratio Among Existing Partner

12th Class Accountancy Change in Profit Sharing Ratio Among Existing Partner Question Bank MCQs - Change in Profit-Sharing Ratio Among Existing Partners

  • question_answer
    Which of the following statement is correct?

    A) Increase in the value of an asset is recorded in the debit side of Revaluation Account

    B) Increase in the value of a liability is recorded in the credit side of Revaluation Account

    C) Decrease in the value of an asset is recorded in the debit side of Revaluation Account

    D) Decrease in the value of a liability is recorded in the debit side of Revaluation Account

    Correct Answer: C

    Solution :

    Decrease in the value of an asset is recorded in the debit side of Revaluation Account


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