Revaluation gains and losses are carried at the time of retirement
Show Hint
- By the remaining partners
- By all the partners
- By the new partners
- None of them
The Correct Option is A
Solution and Explanation
Revaluation gains and losses arise when the assets and liabilities of a partnership are revalued at the time of a partner's retirement.
Step 2: Distribution of revaluation gains and losses.
At the time of retirement, revaluation gains and losses are shared by the remaining partners in the ratio of their profit-sharing ratio.
Step 3: Conclusion.
Thus, the correct answer is (A) By the remaining partners. Final Answer: \[ \boxed{\text{By the remaining partners}} \]
Top Questions on Assets & Liabilities
Which of the following is a part of Asset group ‘Current Assets’ in account group of Assets?
(A) Duties and Taxes
(B) Miscellaneous Expenditures
(C) Reserves & Surplus
(D) Direct Expenses
- CBSE CLASS XII - 2025
- Accountancy
- Assets & Liabilities
Pass necessary journal entries for the following transactions on dissolution of the firm of Sachin, Virat, and Rohit after various assets (other than cash) and third-party liabilities have been transferred to Realisation Account:
(i) Sachin took over stock of book value of ₹ 80,000 at a discount of 10%.
(ii) Virat agreed to take over the firm's creditors of the book value of ₹ 70,000 at a valuation of ₹ 65,000.
(iii) Rohit took over his wife's loan of ₹ 3,00,000.
(iv) There was an old typewriter which had been written off completely from the books. It realised ₹ 10,000.
(v) Land and Building of the book value of ₹ 50,00,000 was sold for ₹ 70,00,000 through a broker who charged 5% commission on the deal.
(vi) Loss on realisation ₹ 30,000 was to be distributed between Sachin, Virat, and Rohit equally.
- CBSE CLASS XII - 2025
- Accountancy
- Assets & Liabilities
From the following Balance Sheet of Yogita Ltd., calculate ‘Cash flows from Investing Activities’ and ‘Cash flows from Financing Activities’. Show your working properly.
Additional Information:
(i) Rs.50,000 was charged as depreciation on Plant and Machinery. A machinery costing Rs.60,000 (Book Value Rs.45,000) was sold for Rs.42,000.
(ii) Bank loan was repaid on 1 April, 2022.
- CBSE CLASS XII - 2024
- Accountancy
- Assets & Liabilities
- Tax paid during the year ended 31st March, 2023 was Rs.15,000. While calculating Net Profit before Tax and Extraordinary Items, the amount of provision for tax to be added is: (b) \[ \begin{array}{|c|c|c|} \hline \textbf{Particulars} & \textbf{1-4-2022} & \textbf{31-3-2023} \\ \hline \text{Provision for Tax} & \text{Rs.10,000} & \text{Rs.25,000} \\ \hline \end{array} \]
- CBSE CLASS XII - 2024
- Accountancy
- Assets & Liabilities
- To safeguard assets and optimize the use of resources a business ........
- CBSE CLASS XII - 2024
- Accountancy
- Assets & Liabilities
Questions Asked in UP Board XII exam
- If \(A = \begin{bmatrix} 3 & 1 \\ -1 & 2 \end{bmatrix}\), then show that \(A^2 - 5A + 7I = O\). Using this, obtain \(A^{-1}\).
- UP Board XII - 2025
- Matrices
- If \( y = \sin^{-1} x \), then prove that \( (1 - x^2) \frac{d^2y}{dx^2} - x \frac{dy}{dx} = 0 \).
- UP Board XII - 2025
- Differential Equations
- If \(A = \begin{bmatrix} 1 & 3 & 3 \\ 1 & 4 & 3 \\ 1 & 3 & 4 \end{bmatrix}\), then find \(A^{-1}\).
- UP Board XII - 2025
- Matrices
- Solve: \( (1 + x^2)\frac{dy}{dx} + 2xy - 4x^2 = 0 \).
- UP Board XII - 2025
- Differential Equations
- Prove that \(\int_0^\pi \sqrt{\frac{1+\cos 2x}{2}} \, dx = 2\).
- UP Board XII - 2025
- Calculus