{"id":44609,"date":"2024-04-15T21:46:10","date_gmt":"2024-04-15T21:46:10","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=44609"},"modified":"2024-04-15T21:46:10","modified_gmt":"2024-04-15T21:46:10","slug":"consider-the-following-statements-1-realisation-account-and-revaluation-account-are-the-same-2-while-preparing-cash-account-or-bank-account-dissolution-the-debit-and-credit-side-are-same-3-it","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-1-realisation-account-and-revaluation-account-are-the-same-2-while-preparing-cash-account-or-bank-account-dissolution-the-debit-and-credit-side-are-same-3-it\/","title":{"rendered":"Consider the following statements. 1. Realisation account and revaluation account are the same. 2. While preparing cash account or bank account (dissolution), the debit and credit side are same. 3. Items appearing in the balance sheet are posted at one place only. Which of the statements given above is\/ are correct?"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9794d01b7f2\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Only 1                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Both 2 and 3                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    All of the above                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"true\">\r\n                    None of the above                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>D. None of the above<\/strong><\/p>\n<p>Statement 1 is incorrect. Realisation account is an account used to record the sale of assets and the distribution of the proceeds to the partners. Revaluation account is an account used to record the increase or decrease in the value of assets due to revaluation.<\/p>\n<p>Statement 2 is incorrect. While preparing cash account or bank account (dissolution), the debit side shows the cash received and the credit side shows the cash paid.<\/p>\n<p>Statement 3 is incorrect. Items appearing in the balance sheet are posted at two places, once in the debit side of the ledger account and once in the credit side of the ledger account.<\/p>\n<p>Here is a <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> more detailed explanation of each statement:<\/p>\n<p>Statement 1: Realisation account and revaluation account are the same.<\/p>\n<p>Realisation account is an account used to record the sale of assets and the distribution of the proceeds to the partners. Revaluation account is an account used to record the increase or decrease in the value of assets due to revaluation.<\/p>\n<p>Realisation account is a temporary account, while revaluation account is a permanent account. Realisation account is closed at the end of the accounting period, while revaluation account is not closed.<\/p>\n<p>The following are the entries in the realisation account:<\/p>\n<ul>\n<li>Debit: Assets sold<\/li>\n<li>Credit: Cash <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> received from the sale of assets<\/li>\n<li>Credit: Partners&#8217; capital accounts (for the distribution of the proceeds)<\/li>\n<\/ul>\n<p>The following are the entries in the revaluation account:<\/p>\n<ul>\n<li>Debit: Assets whose value has increased<\/li>\n<li>Credit: Assets whose value has decreased<\/li>\n<\/ul>\n<p>Statement 2: While preparing cash account or bank account (dissolution), the debit and credit side are same.<\/p>\n<p>While preparing cash account or bank account (dissolution), the debit side shows the cash received and the credit side shows the cash paid.<\/p>\n<p>The following are the entries in the cash account:<\/p>\n<ul>\n<li>Debit: Cash received<\/li>\n<li>Credit: Cash paid<\/li>\n<\/ul>\n<p>The following are the entries in the bank account:<\/p>\n<ul>\n<li>Debit: Cheques received<\/li>\n<li>Credit: Cheques issued<\/li>\n<\/ul>\n<p>Statement 3: Items appearing in the balance sheet are posted at one place only.<\/p>\n<p>Items appearing in the balance sheet are posted at two places, once in the debit side of the ledger account and once in the credit side of the ledger account.<\/p>\n<p>The following are the entries in the ledger account for an asset:<\/p>\n<ul>\n<li>Debit: Cost of the asset<\/li>\n<li>Credit: Depreciation<\/li>\n<li>Credit: Gain on sale of asset<\/li>\n<\/ul>\n<p>The following are the entries in the ledger account for a liability:<\/p>\n<ul>\n<li>Debit: Amount borrowed<\/li>\n<li>Credit: Interest expense<\/li>\n<li>Credit: Payment of liability<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Consider the following statements. 1. 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