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Class 12AccountancyReconstitution - Admission of a PartnerAsset RevaluationEasy
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What is the entry when an unrecorded asset is found?

Answer and explanation

Correct answer: Asset Account Dr and Revaluation Account Cr

An unrecorded asset is brought into books so the asset is debited and gain is credited. Treat it as a gain.

Related tags

Unrecorded-AssetJournal-EntryRevaluationAsset RevaluationReconstitution Admission Of A PartnerAccountancyClass 12 Mcq
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10 more MCQs
  1. 1Why are assets revalued at the time of admission of a partner?
  2. 2On which side of Revaluation Account is an increase in asset value recorded?
  3. 3On which side of Revaluation Account is a decrease in asset value recorded?
  4. 4Among which partners is revaluation profit distributed?
  5. 5In which ratio is revaluation loss shared?
  6. 6If machinery value is increased from ₹50000 to ₹60000 then how much will be credited to Revaluation Account?
  7. 7If the value of furniture is reduced from ₹30,000 to ₹24,000, what will be the effect in the Revaluation Account?
  8. 8What is the entry when an unrecorded liability is found?
  9. 9If a new provision for doubtful debts is created on debtors then what is the effect on Revaluation Account?
  10. 10If an existing provision is reduced then what will happen in Revaluation Account?
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