CUET Accountancy - On the date of admission of a partner there was a balance of ₹ 45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at: | PYQs + Solutions

CUET Accountancy

Partnership

Medium

₹ 49,500

₹ 50,000

₹ 40,000

₹ 40,500

✅ Correct Option: 2

Related questions:

30 May Shift 1

On the admission of a new partner, an increase in the value of assets is debited to:

22 May Shift 1

A and B are partners sharing profits equally with capitals of Rs 45,000 each. They admitted C as a new partner for 1/3rd share in the profit. C bring Rs 60,000 as his capital. Find the goodwill of the firm.

3 June Shift 1

The journal entries recorded for revaluation of assets and reassessment of liabilities are given here, find the correct :

(A) For increase in the value of an asset

Asset A/c Dr.

To Revaluation A/c

(B) For reduction in the value of an asset

Revaluation A/c Dr.

Asset A/c

Liability A/c Dr.

To Revaluation A/c

(D) For recording in the amount of a unrecorded liability

Revaluation A/c Dr.

To Liability A/c

Choose the correct answer from the options given below:

CUET Accountancy PYQs

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