What is the nature of ‘Revaluation Account’? Post category:Accountancy Reading time:1 mins read SOLUTION Revaluation Account is a nominal account in nature. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostWhen there is change in profit sharing ratio amongst existing partners, should the assets and liabilities be revalued? Next PostWhy are “Reserves & Surplus” distributed at the time of reconstitution of the firm? You Might Also Like Bhanu and Partab are partners. sharing profits equally. Their fixed capitals as on 1st April, 2018 are Rs. 8,00,000 and Rs. 10,00,000 respectively. Their drawings during the year were Rs. 50,000 and Rs. 1,00,000 respectively. Interest on Capital is a charge and is to be allowed @ 10% p.a. and interest on drawings is to be charged @ 15% p.a. Net Profit for the year ended 31st March, 2019 was Rs. 1,20,000. Prepare Profit and Loss Appropriation Account. July 21, 2022 Current Liabilities of a company are Rs. 6,00,000. Its Current Ratio is 3: 1 and Liquid Ratio is 1: 1. Calculate value of Inventory August 12, 2022 A partnership deed provides for the payment of interest on capital but there was a loss instead of profits during the year 2018-2019. At what rale will the interest on capital be allowed? September 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Bhanu and Partab are partners. sharing profits equally. Their fixed capitals as on 1st April, 2018 are Rs. 8,00,000 and Rs. 10,00,000 respectively. Their drawings during the year were Rs. 50,000 and Rs. 1,00,000 respectively. Interest on Capital is a charge and is to be allowed @ 10% p.a. and interest on drawings is to be charged @ 15% p.a. Net Profit for the year ended 31st March, 2019 was Rs. 1,20,000. Prepare Profit and Loss Appropriation Account. July 21, 2022
Current Liabilities of a company are Rs. 6,00,000. Its Current Ratio is 3: 1 and Liquid Ratio is 1: 1. Calculate value of Inventory August 12, 2022
A partnership deed provides for the payment of interest on capital but there was a loss instead of profits during the year 2018-2019. At what rale will the interest on capital be allowed? September 26, 2022
