The term 'Revaluation Account' is prepared during:
A. Admission of a new partner
B. Death of a partner
C. Dissolution of a firm
D. Insolvency of a partner
Answer: Option A
Solution (By JKSSB Mock Tests)
A Revaluation Account is prepared to record the changes in the values of assets and liabilities at the time of admission, retirement, or death of a partner.
Explanation:
Collecting cash from debtors increases one asset (Cash) and decreases another (Debtors) by the same amount, leaving total assets unchanged.
A: The Consolidated Fund of India is mentioned in Article 266 of the Constitution. R: It includes all revenues received by the Government of India. Choose the correct option.
A.A is false but R is true
B.A is true but R is false
C.Both A and R are true and R is the correct explanation of A
D.Both A and R are true but R is NOT the correct explanation of A
Explanation:
Article 266 of the Constitution establishes the Consolidated Fund of India. It includes all revenues, loans, and repayments. Both are true, but R describes the contents, not the constitutional basis (which is Article 266).
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