A & B are partners sharing profits equally. They admit C as a new partner in their partnership firm. For the admission they revalued the asset and liabilities and found out that there will be insurance premium which was debited to P & L A/c, out of the total amount, ₹5000 is to be carried forward as unexpired insurance. What will be the journal entry for this?

Unexpired insurance        Dr... ₹5000
   To Revaluation A/c                          ₹5000
(Unexpired insurance carried forward)

The correct answer is option 4-
Unexpired insurance        Dr... ₹5000
   To Revaluation A/c                          ₹5000
(Unexpired insurance carried forward)

As unexpired insurance is prepaid insurance and prepaid expense is asset.  Asset is a gain for the firm. Gain of the firm is credited to the revaluation account.
So, a journal entry will be-
Unexpired insurance   Dr...₹ 5000
   To Revaluation A/c                     ₹5000
(Unexpired insurance carried forward)