Asked in PPSC, FPSC and other one-paper exams (compiled from unofficial resources).
Ratios, Proportions & PercentagesPartnership Problems
At the time of the retirement of a partner, the existing partners decided to revalue Stock from Rs. 10,000 to Rs. 12,500, Building from Rs. 50,000 to Rs. 52,500, Sundry Creditors from Rs. 12,000 to Rs. 13,000, and also agreed to record an unrecorded liability of Rs. 2,000. What is the profit or loss on revaluation of assets and liabilities?
- A.Rs. 3,000 loss
- B.Rs. 2,000 loss
- C.Rs. 3,000 profit
- D.Rs. 2,000 profitCorrect answer
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Practice these MCQs in the appQuick fact: The net revaluation effect is a Rs. 2,000 profit after accounting for all asset increases and liability adjustments.