Question : Stock is overvalued by 10% (Book Value of Stock Rs.66,000), revaluation account will be ……

Option 1: Debited Rs 5,400

Option 2: Credited Rs6,000

Option 3: Debited Rs 6,000

Option 4: Credited with Rs 5,400

Question :

Value of Land & Building is to be increased to Rs.5,00,000 (Book Value Rs.4,00,000),  land and building account will be …

Option 1: Debited by Rs 1,00,000

Option 2: Credited by Rs 1,00,000

Option 3: Debited by Rs 5,00,000

Option 4: Credited with Rs 5,00,000

Question :

An increase in the value of assets at the time of retirement of a partner is

Option 1: credited to Revaluation Account.

Option 2:

debited to Revaluation Account.

Option 3: debited to Profit and Loss Account.

Option 4:

debited to Profit and Loss Appropriation Account.

Question :

A computer purchased on 1st October 2016 for Rs.40,000 debited to Office Expenses Account is to be brought into account on 31st March 2018 charging depreciation @10% p.a. on written down value basis.

Option 1: Revaluation debited by Rs 34,200

Option 2: Revaluation credited by Rs 34,200

Option 3: Revaluation debited by Rs 40,000

Option 4: None of the above

Question :

 On the retirement of a partner, unrecorded liabilities are

Option 1: debited to Revaluation Account.

Option 2:

credited to Revaluation Account.

Option 3: credited to Partner's Capitai Aceount.

Option 4: debited to Profit and Loss.