CUET Preparation Today
Which of the following would not affect the revaluation account at the time of admission of a new partner in the partnership firm? |
Increase in assets Drawings against capital Recording of unrecorded liability Decrease in assets |
Drawings against capital |
The correct answer is option 2- Drawings against capital. Drawings against capital would not affect the revaluation account at the time of admission of a new partner in the partnership firm. It will affect the capital account of partner. Drawings represent withdrawals made by partners for personal use and are recorded in their capital account. |
