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 :

Stock is undervalued by 10% (Book Value of Stock Rs.54,000), Revaluation account will be 

Option 1: Debited with Rs 5400

Option 2: Credited with Rs 5,400

Option 3: Debited Rs 6,000

Option 4: Credited Rs 6,000

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 : On the retirement of B, The building of the partnership firm whose book value was Rs 25,000 was valued at Rs 18,000. The treatment will be

Option 1: Rs 18,000 will be debited to revaluation account

Option 2: Rs 7,000 will be debited to revaluation account

Option 3: Rs 8,000 will be credited to revaluation account

Option 4: Rs 7,000 will be credited to revaluation account

Question : An old computer completely written off was sold for Rs. 2,000 as scrap. Choose the correct Journal entry

Option 1: Computer account debited by Rs 2,000 and credited revaluation account Rs 2,000

Option 2: Revaluation account debited by Rs 2,000 and credited computer account Rs 2,000

Option 3: Debited bank account by Rs 2,000 and credited revaluation account by Rs 2,000

Option 4: debited revaluation account Rs 2,000 and credited bank account by Rs 2,000