CUET Accountancy - Which is the correct statement, in respect of the Revaluation Account :- | PYQs + Solutions

CUET Accountancy 2025 2 June Shift 2

Partnership

Medium

common

It is a nominal account, and it is credited for the decrease in value of an asset.

It is a real account, and it is debited for the decrease in value of an asset.

It is a real account, and it is credited for the decrease in value of a liability.

It is a nominal account, and it is debited for the decrease in value of an asset.

✅ Correct Option: 4

Related questions:

3 June Shift 1

The journal entries are as under

Incoming partners' current A/c. Dr.

To Sacrificing partners capital A/c.

What statement among the following is TRUE for the above entry?

14 May Shift 2

Arrange Steps For Capitalisation of Super Profits:

(A) Calculate average profit for the past years, as specified.

(B) Calculate the capital of the firm.

(D) Multiply the super profits with the required rate of return multiplier

(E) Calculate super profits by deducting normal profits from average profits.

Choose the correct answer from the options given below:

3 June Shift 2

Das and Sinha are partners in a firm sharing profits in 4:1 ratio. They admitted Pal as a new partner for 1/4 share in the profits, which he acquired wholly from Das. Determine the new profit sharing ratio among Das, Sinha and Pal.

CUET Accountancy 2025 2 June Shift 2 PYQs

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