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Question
Arun and Vijay are partners in a firm sharing profits and losses in the ratio of 5:1.
| Balance Sheet (Extract) | |||
| Liabilities | ₹ | Assets | ₹ |
| Machinery | 40,000 | ||
If the value of machinery reflected in the balance sheet is overvalued by `33 1/3%,` find out the value of Machinery to be shown in the new Balance Sheet.
Options
₹ 44,000
₹ 48,000
₹ 32,000
₹ 30,000
MCQ
Solution
₹ 30,000
shaalaa.com
Accounting for Revaluation of Assets and Reassessment of Liabilities
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