Question : If at the time of admission if there is some unrecorded Assets, it will be _________ to _______ Account.
Option 1: Credited, Revaluation
Option 2: Debited, Partners' Capital Account
Option 3: Credited, Partners' Capital
Option 4: None of the above
Answer (1)
10th Jan, 2024
Correct Answer: Credited, Revaluation
Solution : Answer = Credited, Revaluation
If there are unrecorded assets at the time of admission, they will be credited to the Revaluation Account. This is because the Revaluation Account is used to record adjustments in the value of assets and liabilities, including the recognition of previously unrecorded assets.
Hence, the correct option is 1.
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