Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm? Option 1: Increase in assets Option 2: Drawings against capital Option 3: Interest on capital Option 4: Partner's salary

The answer is 'Increase in assets'. View full solution:

CUET Accountancy - Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm? | PYQs + Solutions

CUET Accountancy

Partnership

Easy

Increase in assets

Drawings against capital

Interest on capital

Partner's salary

✅ Correct Option: 1

Related questions:

23 Aug Shift 2

The central government has prescribed the maximum number of partners in a firm to be _________ under Rule 10 of the companies (Miscellaneous) Rules, 2014.

4 June Shift 2

Which combination of statements is true about the fixed and fluctuating capital:

(A). Under the Fixed capital method, two separate accounts are maintained for each partner, viz., 'capital account' and 'current account'.

(B). Under the Fluctuating capital method, the balance of the capital account fluctuates from year to year.

(C). Under the Fixed capital method, drawings, salary, interest on capital etc. are posted (transferred) in the current accounts and not in the capital accounts.

(D). Under the Fixed capital method, the capital accounts always show a debit balance.

Choose the correct answer from the options given below:

CUET Accountancy 2024 Slot 1

The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is

CUET Accountancy PYQs

Keyboard Shortcuts