HomeTestsSearchRankProfile
easyMCQCUET Accountancy 2022 30 Aug Shift 22026Accountancy
1 mark

Journal entry to be passed for unrecorded assets for preparing Revaluation A/C at the time of Retirement of a partner will be ____

  1. A
    Assets A/C Dr. To all Partners capital A/C
  2. B
    Assets A/C Dr. To Revaluation A/c
  3. C
    Revaluation A/C Dr. To assets A/C
  4. D
    Revaluation A/C Dr. To old partner's capital A/C

Solution & Step-by-step Explanation

Unrecorded assets increase the value of assets. Hence, the Asset A/c is debited (increase in asset) and Revaluation A/c is credited (gain).

Practice this question

Try it yourself before checking the explanation above.

Journal entry to be passed for unrecorded assets for preparing Revaluation A/C at the time of Retirement of a partner will be ____
A
Assets A/C Dr. To all Partners capital A/C
B
Assets A/C Dr. To Revaluation A/c
C
Revaluation A/C Dr. To assets A/C
D
Revaluation A/C Dr. To old partner's capital A/C

Share This Question

PartnershipRetirement/Death

Related Questions

easyMCQ

Which one of the following statements is true?

easyMCQ

Which of the following statements is not correct?

easyMCQ

Which one of the following statements is correct?

easyMCQ

The product formed by the reaction of an aldehyde with a primary amine is:

easyMCQ

Which part of the tobacco plant is infected by Meloidogyne incognita?

easyMCQ

The term ecosystem was coined by:

Ready for a Full Test?

Practice with timed mock tests and track your performance across Accountancy.

Browse TestsLeaderboard

Discussion