Decrease in the value of assets should be _____ to Profit and Loss Adjustment account.
Q.1 (A) (3) Decrease in the value of assets should be _____ to Profit and Loss Adjustment account.
A. Debited
B. Credited
C. Added
D. Equal
1 answer
Best answer
Answer: A. Debited
Answer: (a) Debited
A decrease in the value of an asset is a loss on revaluation, so it is debited to Profit and Loss Adjustment (Revaluation) Account: Profit and Loss Adjustment A/c Dr. To Asset A/c.
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· 28 Oct 2026
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