At the time of admission of a partner, revaluation account is debited to record

Question

At the time of admission of a partner, revaluation account is debited to record the increase in provision for doubtful debts

Options:

A . True

B . False

Answer: Option A

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More Questions on This Topic :

Question 1. What right a newly admitted partner acquires in the firm after his admission?....

Question 2. At the time of admission if the profit sharing ratio among the old partner does not change then sacrificing ratio will ....old partner does not change then sacrificing ratio will be

Question 3. What is the formula of sacrificing ratio....

Question 4. At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transfer....of the old firm is transferred to capital Account of

Question 5. On the admission of a new partner increase in the value of assets is debited to....

Question 6. A, B and C are partners in a Firm....

Question 7. At the time of admission of a partner , general reserve appearing in the old Balance sheet is transferred to....

Question 8. When the balance sheet is prepared after the new partnership agreement, the assets and liabilities are recorded at....

Question 9. On admission of a new partner balance of General Reserve Account should be transferred to the capital account of....

Question 10. At the time of admission of a new partner, ________ of assets and liabilities should be taken up....

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