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

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter10: Partnerships: Formation, Operation, And Basis

Section: Chapter Questions

Problem 21CE

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