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What is the journal entry for the revaluation of assets when a new partner is ad
What is the journal entry for the revaluation of assets when a new partner is admitted?
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Q1
What is the journal entry for the revaluation of assets when a new partner is admitted?
Debit Revaluation Account, Credit Asset Account
Debit Asset Account, Credit Revaluation Account
Debit Asset Account, Credit Partner's Capital Account
Debit Revaluation Account, Credit Partner's Capital Account
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The revaluation of assets is recorded by debiting the revaluation account and crediting the respective asset account.
Questions & Step-by-step Solutions
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Q: What is the journal entry for the revaluation of assets when a new partner is admitted?
Solution:
The revaluation of assets is recorded by debiting the revaluation account and crediting the respective asset account.
Steps: 6
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Step 1: Identify the assets that need to be revalued when a new partner is admitted.
Step 2: Determine the new value of each asset after revaluation.
Step 3: Calculate the difference between the old value and the new value for each asset.
Step 4: Create a revaluation account to record the total increase or decrease in asset values.
Step 5: Debit the revaluation account with the total increase in asset values.
Step 6: Credit the respective asset accounts with the total increase in asset values.
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