Machinery is taken by the old partner for ₹80,000 (book value = ₹60,000). What will be the journal entry in case of revaluation of assets and reassessment of liabilities?

Old partner capital A/c   Dr...  ₹80,000
    To Machinery A/c                          ₹60,000
   To revaluation A/c                         ₹ 20,000
(Machinery taken by partner)

The correct answer is option 2-
Old partner capital A/c   Dr...  ₹80,000
    To Machinery A/c                          ₹60,000
   To revaluation A/c                         ₹ 20,000
(Machinery taken by partner)

Book value is ₹60,000
Taken by old partner = ₹80,000
20,000 is profit for the firm which is credited to the revaluation account. Partners account is debited with the amount taken by him. Asset is credited with its book value.
So, entry will be:
Old partner capital A/c   Dr...₹80,000
    To Machinery A/c                          ₹60,000
    To revaluation A/c                        ₹20,000
(Machinery taken by partner)

NOTE: PARTNERS CAPITAL ACCOUNT IS DEBITED AS THERE IS NOTHING MENTIONED ABOUT THE METHOD OF MAINTAINING CAPITAL ACCOUNTS OF PARTNERS AND IN THAT CASE FLUCTUATING CAPITAL METHOD IS FOLLOWED.