7\ At the time of admission of a partner, furniture is devalued at OMR 9,000. The Journal entry to record the devaluation will be:

a\ Debit Furniture account Credit Profit and Loss Appropriation

Account

b\ Debit Furniture account Credit Revaluation account

c\ Debit Revaluation account Credit Furniture account

d\ Debit Furniture account Credit Partners Capital account

8\ At the time of admission of a partner, plant and machinery is appreciated by 10%. The journal entry to record the appreciation is:

a\ Debit Plant and Machinery account Credit Partners Capital account

b\ Debit Plant and Machinery account Credit Revaluation account

c\ Debit Partners Capital account Credit Plant and Machinery account

d\ Debit Revaluation account Credit Plant and Machinery account

choose the correct answer