AK Ltd. purchased the business of Anish Kanth & Brothers and decided to continue the same set
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AK Ltd. purchased the business of Anish Kanth & Brothers and decided to continue the same set of books. The company decided to make the following revaluations:
(a). Buildings to be appreciated by ₹1,20,000.
(b). Plant & Machinery to be depreciated by ₹14,000.
(c). Stocks to be revalued at ₹80,000 (Book value ₹50,000).
(d). Creditors agreed to reduce their claim by ₹10,000
(e). Outstanding expenses net provided amounted to ₹20,000 You are required to prepare Revaluation A/c.
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To prepare the Revaluation Account for AK Ltd after purchasing the business of Anish Kanth Brothers ...View the full answer
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