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At the time of change in the profit-sharing ratio, when revised values of Assets & Liabilities are not to be recorded (Assets & Liabilities will appear in Balance Sheet at old value). Calculate the net effect of revaluation Gain/Loss: i a. Add: Increase in the value of Assets b. Add: Decrease in the value of liabilities c. Less: Decrease in the value of Assets d. Less: Increase in the value of liabilities ii a. Add: Increase in the value of liabilities b. Add: Decrease in the value of Assets c. Less: Increase in the value of Assets d. Less: Decrease in the value of liabilities iii a. Add: Decrease in the value of Assets b. Add: Increase in the value of liabilities c. Less: Decrease in the value of Assets d. Less: Increase in the value of Assets iv None of the above |
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Answer» i a. Add: Increase in the value of Assets b. Add: Decrease in the value of liabilities c. Less: Decrease in the value of Assets d. Less: Increase in the value of liabilities |
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