Question:
Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?
Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?
Updated On: Oct 29, 2024
- Increase in assets
- Drawings against capital
- Interest on capital
- Partner’s salary
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The Correct Option is A
Solution and Explanation
Increase in assets would be recorded in the Revaluation Account during the reconstitution of a partnership firm.
Hence, the correct answer is Option 1.
Hence, the correct answer is Option 1.
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