1. How much amount will be credited to Revaluation A/c? 2. Give journal entry for the above.

Question

An equipment having a book value of Rs.2,600 was sold at Rs. 3,000 on the date of admission of a partner. 

1. How much amount will be credited to Revaluation A/c? 

2. Give journal entry for the above.

Answer 1

Cash a/c Dr.	3000
To Equipment	2600
To revaluation (Being equipment sold)	400