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Board Question Paper : August 2020 — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountBoard Question Paper : August 20201 Mark
MCQ
Where are the effects given when the value of liablilities 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 liablilities and the revaluation account will be debited.
  • C
    Addition in such liablilities and the revaluation account will be credited.
  • D
    Addition in such liablilities 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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