On admission of a partner, unrecorded investments worth $ 5000 and unrecorded liability towards suppliers for $ 1500 will be recorded in .. ?

Question

a) Revaluation Account

b) Capital Account

c) Realisation Account

d) None of these

Murtaza Kalabhai · Answer

correct answer is (A)

Because old partner will only get profit or loss through all business activities were done before coming of new partner. If there is any increase or decrease in these unrecorded assets and liabilities through revaluation account, it will be distributed between old partners.

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On admission of a partner, unrecorded investments worth $ 5000 and unrecorded liability towards suppliers for $ 1500 will be recorded in .. ?

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