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P1 C4 RECUSTRUCTION OF PARTNERSHIP — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C4 RECUSTRUCTION OF PARTNERSHIP1 Mark
MCQ
Where are the effects given when the value of liabilities decrease at the time of the reconstruction of a partnership firm?
  • ✓
    Subtract from such liabilities and the revaluation account will be credited.
  • B
    Subtract from such liabilities and the revaluation account will be debited.
  • C
    Addition in such liabilities and the revaluation account will be credited.
  • D
    Addition in such liabilities and the revaluation account will be debited.
✓

Answer

Correct option: A.
Subtract from such liabilities and the revaluation account will be credited.

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