Machinery is taken by the old partner for ₹80000 (book value = ₹60000). What will be the journal entry in case of revaluation of assets and reassessment of liabilities?

Old partner capital A/c   Dr...  ₹80000
    To Machinery A/c                          ₹60000
   To revaluation A/c                         ₹ 20000
(Machinery taken by partner)

Book value is ₹60000
Taken by old partner = ₹80000
20000 is profit for the firm which is credited to the revaluation account.
So, entry will be
Old partner capital A/c   Dr...₹80000
    To Machinery A/c                          ₹60000
    To revaluation A/c                         ₹20000
(Machinery taken by partner)