CUET Preparation Today
When a new partner is admitted, the increase in the value of the assets is debited to which account? |
Assets account Profit and Loss Adjustment account Old partner's capital account Profit and Loss account |
Assets account |
The correct answer is Option (1) → Assets account For increase in the value of assets Assets A/c’s (Individually) Dr To Revaluation A/c (Increase in the value of assets) |
