An existing copyright was not recorded in the books. At the time of a partner’s admission, it is valued at ₹82,500. What journal entry should be passed?

Correct answer: Copyright A/c Dr. ₹82,500; Revaluation A/c Cr. ₹82,500

The previously unrecorded copyright is now recognized as an asset, so Copyright A/c is debited by ₹82,500. The corresponding credit goes to Revaluation A/c; any resulting revaluation profit is shared by the old partners in their old profit-sharing ratio.