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what will be the treatment in revaluation account if in adjustments it is given that stock is overvalued or undervalued?

Posted by Diksha Sharma 5 years, 3 months ago

CBSE > Class 12 > Accountancy

1 answers

Meghna Thapar 5 years, 3 months ago

An increase in the assets and decrease in its liabilities is credited because it is gain, A decrease in the value of assets and increase in its liabilities is debited because it is a loss, Unrecorded assets are credited, and. Unrecorded liabilities are debited. Debit the decrease in value of assets or increase in the number of liabilities to revaluation account, being a loss. The difference between the two sides of the revaluation account is either profit or loss.

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CBSE > Class 12 > Accountancy

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