A and B share profit and loss in the ratio of 3/5 and 2/5 respectively and having capital account balances of $100,000 each. At the time of revaluation, the firm’s total asset book value was $60,000 while they can only be sold for $40,000. Which of the following is the balance of A’s capital account after revaluation of firm’s assets

100000

112000

88000

72000

88000

Financial Accounting Author: rikazzz

A. Cash

B. Goods

C. Debt

D. Investment

A. Noting charges account

B. Interest account

C. Discount account

D. Drawer’s account

A. Account title and description

B. Account title and date

C. Amount

D. Date

A. One part

B. Two parts

C. Three parts

D. Four parts

A. A current Asset

B. A fixed Asset

C. An intangible Asset

D. A wasting Asset

A. Debit Side of an account

B. Credit side of an account

C. Both sides of an account

D. None of the above

A. Trading Account

B. Profit and Loss Account

C. Balance sheet

D. Sales Account

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