The journal entries recorded for revaluation of assets and reassessment of liabilities are given here, find the correct :
(A) For increase in the value of an asset
Asset A/c Dr.
To Revaluation A/c
(B) For reduction in the value of an asset
Revaluation A/c Dr.
Asset A/c
(C) For increase in the amount of a liability
Liability A/c Dr.
To Revaluation A/c
(D) For recording in the amount of a unrecorded liability
Revaluation A/c Dr.
To Liability A/c
Choose the correct answer from the options given below:
Held on 3 Jun 2025 · Verified 13 Jul 2026.
(A), (B), (C), (D)
(A), (B) and (D) only
(B), (A) and (C) only
(C), (B) and (D) only
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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.