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Q.At the time of retirement of a partner the existing partners decided to value of Stock from Rs. 10,000 to Rs. 12,500, Building from Rs. 50,000 to Rs. 52,500, Sundry creditors from Rs. 12,000 to Rs. 13,000 and also agreed to take on record unrecorded liability of Rs. 2000. What is the profit or loss on revaluation of Asset and liabilities?

Rs. 2000 profit
Rs. 2000 loss
Rs. 3500 profit
Rs. 3500 loss

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