On the admission of a new partner in the partnership firm, the decrease in the value of assets is debited to which account?

Revaluation Account

The correct answer is option 1- Revaluation Account.

On the admission of a new partner in the partnership firm, the decrease in the value of assets is debited to Revaluation Account.

Decrease in the value of assets is credited to the asset account. Decrease is a loss for the firm which is debited to revaluation account. The journal entry for this-
Revaluation A/c Dr.
      To Asset A/c