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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationMedium

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Unrecorded machinery of ₹45000 is found. What is the correct journal effect?

Answer and explanation

Correct answer: Machinery account debit and revaluation account credit

Unrecorded machinery is an asset so machinery account is debited. Revaluation account is credited because it is a gain.

Related tags

Unrecorded Asset Machinery Journal Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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