Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. at the time of admission of a new partner in a fir

At the time of admission of a new partner in a firm, the investments worth...

70.2K

Verified Solution

Question

Accounting

At the time of admission of a new partner in a firm, the investments worth of RO 2500 was not recorded earlier, now included in revalued balance sheet. So, the accounting entry for revaluation will be

a.

Debit: Revaluation a/c RO 2500 Credit: Investment a/c RO 2500

b.

Debit: Cash a/c RO 2500 Credit: Investment a/c RO 2500

c.

Debit: Investment a/c RO 2500 Credit: Cash a/c RO 2500

d.

Debit: Investment a/c RO 2500 Credit: Revaluation a/c RO 2500

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

The firm's target capital structure is the mix of debt, preferred stock, and common equity the...

Psychology
1.2K views

According to historian/Professor Ronald Takaki, the WWII years were called the “Watershed years.” Please explain what...

Electrical Engineering
1.2K views

Using Matlab, write code to generate Three signal components We will use a sum of sinusoids, all...

Biology
1.2K views

the utations in each of the mutants are recessive or dominant you creted partial diploid...

Physics
1.2K views

Electromagnetic Induction 48 A uniform but time varying magnetic field B t exist 51 in...

Calculus
1.2K views

Decide whether the integral is improper 8 sin x 57 x 00 O proper O...

Calculus
1.2K views

Sketch a possible graph of a function that satisfies the conditions below Determine whether f...

Accounting
1.2K views

Selling price =$39.99; Markup =$11.99. Find the cost. The cost is $

Accounting
1.2K views

Calculate the gross profit percentage for ABC Company. Aegis Industries Inc., is the biggest snowmobile...

Accounting
1.2K views

Lower of Cost or Net Realizable Value Blue Corporation uses the FIFO cost flow...

Accounting
1.2K views

Given the following information for Gandolfino Pizza Co., calculate the depreciation expense: sale: 61,000 /...

Accounting
1.2K views

Tram Inc. and Drury Inc. are two small manufacturing companies that are considering leasing a...