Identify the incorrect journal entry related to Revaluation of Assets and Liabilities of a firm.
Held on 14 May 2025 · Verified 13 Jul 2026.
For increase in the value of assets:
Assets A/c's (Individually) Dr.
To Revaluation A/c
(Increase in the value of assets)
For decrease in the value of assets
Revaluation A/c Dr.
To Assets A/c's (Individually)
(Decrease in the value of assets)
For increase in the amount of liabilities
Revaluation A/c Dr.
To Liabilities A/c (Individually)
(Increase in the amount of liabilities)
For an unrecorded liability:
Liability A/c Dr.
To Revaluation A/c
(Unrecorded liability brought into books)
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.