On the admission of a new partner increa

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Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Admission of a Partner

Question:

On the admission of a new partner increase in the value of assets is debited to:

Options:

Profit and Loss Adjustment account

Assets account

Revaluation Account

Old partner's capital account

Correct Answer:

Assets account

Explanation:

The correct answer is Option (2) → Assets account