On admission of a partner, on revaluation, if a partner takes over an asset, say, investments at a value lesser - Accountancy - Reconstitution- Admission of a Partner

Question

On admission of a partner, on revaluation, if a partner takes over
an asset, say, investments at a value lesser than book value, is
the difference debited to revaluation account?

Shivam Shah · Accepted Answer

yes, the difference will be debited to revaluation account

On admission of a partner, on revaluation, if a partner takes over an asset, say, investments at a value lesser than book value, is the difference debited to revaluation account?