Question : After revaluation is done, Assets and liabilities will appear in balance sheet at

Option 1: New values

Option 2: Old values

Option 3: Cost

Option 4: None of the above

Question : If partners decided not to change book value of assets and liabilities on admission of new partners, then account prepared to adjust profit and loss arising on account of change in value of assets and liabilities is

Option 1: Profit and loss adjustment account

Option 2: Revaluation account

Option 3: Memorandum revaluation account

Option 4: None of the above

Question : Main objective for revaluing Assets and liabilities on admission is

Option 1: Assets and liabilities should appear at new values

Option 2: Any profit and losses on account of changes in value belong only to old partners

Option 3: All unrecorded assets and liabilities get recorded

Option 4: None of the above

Question : Which of the following statements is correct in relation with revaluation account?

Option 1: Revaluation account is prepared to revise the value of assets 

Option 2: Revaluation account is prepared not to revise the value of assets 

Option 3: Revaluation account is prepared to old  the value of assets 

Option 4: All of the above 

Question : If the net result of revaluation is profit of Rs 12,000 and partners do not want to show assets and liabilities at new values then.

Option 1: Revaluation a/c is not prepared

Option 2: Statement showing net result for revaluation will be prepared

Option 3: Adjustment entry will be passed

Option 4: All of the above