Select the most appropriate answer from the alternatives given below :

1.	Select the most appropriate answer from the alternatives given below :Increase in the value of assets should be _________ to profit and loss adjustment account.OptionsDebitedCreditedAddedNone of there
Answer» Increase in the value of assets should be credited to profit and loss adjustment account. Explanation: Increase in the value of assets represents appreciation and is a gain for the firm. Therefore, the increased value (of asset) is shown on credit side of the Revaluation Account.

Select the most appropriate answer from the alternatives given below :Increase in the value of assets should be _________ to profit and loss adjustment account.OptionsDebitedCreditedAddedNone of there

Answer»

Increase in the value of assets should be credited to profit and loss adjustment account.

Explanation: Increase in the value of assets represents appreciation and is a gain for the firm. Therefore, the increased value (of asset) is shown on credit side of the Revaluation Account.

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Select the most appropriate answer from the alternatives given below :Increase in the value of assets should be _________ to profit and loss adjustment account.OptionsDebitedCreditedAddedNone of there

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