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
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.
Question : If there is any unrecorded obligation/Liability at the time of admission, it will be -
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 28,000. Claim for workmen compensation Rs. 20,000.
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 1,40,000. Claim for workmen compensation Rs. 1,10,000.
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 20,000. Claim for workmen compensation Rs. 45,000.
Question : When a new partner is admitted the balance of 'General Reserve' appearing in the Balance Sheet at the time of admission is credited to
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