At the time of the retirement of a partner, the existing partner decided to value of Stock from Rs. 10, 000 to Rs.12,500, Building from Rs.50,000 to Rs.52,500, Sundry creditors from Rs.12,000 to Rs.13,000 and also agreed to take on record unrecorded liability of Rs.2000. What is the profit or loss on revaluation of Assets and liabilities?
Answer: rs. 2000 profit
Explanation
It can be solved in a simple way
Profit = (12500 - 12000) + (52500-50000) - (13000 - 12000) - 2000
= 2500 + 2500 - 1000 - 2000
= 5000 - 3000
= 2000 profit
ND5-09-2023
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