When a new partner is admitted, the incr

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Home Questions 67JAUFHT3B

Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Admission of a Partner

Question:

When a new partner is admitted, the increase in the value of the assets is debited to which account?

Options:

Assets account

Profit and Loss Adjustment account

Old partner's capital account

Profit and Loss account

Correct Answer:

Assets account

Explanation:

The correct answer is Option (1) → Assets account