Question : Increases and decreases in the value of assets and liabilities are recorded through

Option 1: Profit and loss account 

Option 2: Profit and loss appropriation account 

Option 3: Partners capital account

Option 4: Revaluation account

Question : If Memorandum revaluation account is prepared, 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 : 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