Journal entry to be passed for unrecorded assets for preparing Revaluation A/c at the time of retirement of a partner will be............

Assets A/c   Dr.
    To Revaluation A/c
(Assets recorded)

At the time of retirement or death of a partner there may be some assets which may not have been shown at their current values. Similarly, there may be certain liabilities which have been shown at a value different from the obligation to be met by the firm. Not only that, there may be some unrecorded assets and liabilities which need to be brought into books. A Revaluation Account is prepared in order to ascertain net gain (loss) on revaluation of assets and/or liabilities and bringing unrecorded items into firm’s books and the same is transferred to the capital account of all partners including retiring/deceased partners in their old profit sharing ratio.

For an unrecorded asset:
  Assets A/c Dr.
         To Revaluation A/c
(Unrecorded asset brought into book)

For an unrecorded liability:
Revaluation A/c Dr.
         To Liability A/c
(Unrecorded liability brought into books)