Accounts 12 G 1

Accounts quiz for grade 12 have fun be careful remember your lessons and good luck.

published on May 03, 20182 responses 0 5.0★ / 5

After their new ratio was instituted, a machine was said to be obsolent. How will this be recorded in the reeavualtion account.

Credit
Debit
No record

The value of an asset increases after a change in the ratio. What will the treatment in the reeavualtion account be?

Debit
Credit
No impact

After the ratio is changed, the value of an asset decreases. How will it be treated!

Debit
Credit
No answer

Give the journal entry for the depreciation of machinery.

Depreciation Account Dr
To Revaluation
Revaluation Account Dr
To asset account
No impact

Give the journal entry for increase in liability.

Liability Account Dr
To Revaluation
Revaluation account Dr
To liability
No impact