Prepare a revaluation account from the following: Assets: Plant an

Prepare a revaluation account from the following: Assets: Plant and Machinery – 10000Furniture – 3000 Patents – 7000 Stock – 3000 Liabilities: Creditors – 15000The above items were revalued as follows: a) Fixed assets revalued at 10% less. b) Stock damaged wholly by a re occurred and become valueless. c) Claims received against the loss of value of stock Rs.2000. d) Repair bill of Rs.1000 is not in the books of accounts remain unpaid.

Answer»

Revaluation a/c

Dr.			Cr.
Particulars	Amount	Particulars	Amount
To plant & machinery	1000	By loss transferred to capital a/c	4000
To furniture	300
To patents	700
To stock (3000-2000)	1000
To repair bill	1000
	4000		4000