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Question
Treatment of the following on admission of new partner:
| (i) | Creditors overvalued | (a) | No treatment required |
| (ii) | Creditors undervalued | (b) | Dr. Revaluation Account |
| (iii) | Unrecorded Creditors | (c) | Cr. Revaluation Account |
Match the Columns
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Solution
| (i) | Creditors overvalued | (c) | Cr. Revaluation Account |
| (ii) | Creditors undervalued | (b) | Dr. Revaluation Account |
| (iii) | Unrecorded Creditors | (b) | Dr. Revaluation Account |
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