Accounting · Partnership Accounts - Admission
Ram and Shyam are partners sharing profits and losses equally. They admitted Radha into the partnership for a 1/3rd share. At the time of her admission, the book value of Machinery was Rs. 1,35,000. It was determined that the Machinery was undervalued by 10%. What is the correct impact of this adjustment on the Revaluation Account?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Revaluation Account is credited by Rs. 13,500
- 2Revaluation Account is credited by Rs. 15,000✓
- 3Revaluation Account is debited by Rs. 13,500
- 4Revaluation Account is debited by Rs. 15,000
Correct answer
Revaluation Account is credited by Rs. 15,000
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