Get Started
Start Free Mocks
CUETMOCK

Ace Your

CUET Preparation Today

Start Free Mocks
Home Questions Z9M6GFH57P
Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Admission of a Partner

Question:

Journal entry for recording unrecorded computers at the time of admission of a partner is:

Options:

Old partner's capital A/c Dr. To Computers A/c

Computers A/c Dr. To old partner's capital A/c

Computers A/c Dr. To Revaluation A/c

Revaluation A/c Dr. To computers A/c

Correct Answer:

Computers A/c Dr. To Revaluation A/c

Explanation:

The correct answer is Option (3) → Computers A/c Dr To Revaluation A/c.

If there are assets that were previously unrecorded then their recording will impact the revaluation account. Unrecorded asset is a gain of the firm. Journal entry passed in this case is- Unrecorded Asset A/c Dr. To Revaluation A/c.

So, the correct entry is  Computers A/c Dr To Revaluation A/c.

CUET Questions