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

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Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. Babul is to be allowed an annual salary of Rs. 2,500. Manager is to be allowed commission Rs. 5,000. Amitabh has also given a loan on April 01, 2019 of Rs. 50,000 to the firm without any agreement. During the year 2019-20, the profits earned is Rs. 22,250. What amount of profit will be transferred to Profit and Loss Appropriation account :

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