Unrecorded assets, when brought into books, increase the firm's assets and represent a gain. The entry is: Assets A/c Dr. To Revaluation A/c. The gain is later transferred from Revaluation A/c to all partners' capital accounts in old ratio.
Journal entry to be passed for unrecorded assets for preparing Revaluation A/C at the time of Retirement of a partner will be ____
Held on 30 Aug 2022 · Verified 13 Jul 2026.
Assets A/C Dr. To all Partners capital A/C
Assets A/C Dr. To Revaluation A/c
Revaluation A/C Dr. To assets A/C
Revaluation A/C Dr. To old partner's capital A/C
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.