Question : If partners decided not to change book value of assets and liabilities on admission of new partners, then account prepared to adjust profit and loss arising on account of change in value of assets and liabilities is

Option 1: Profit and loss adjustment account

Option 2: Revaluation account

Option 3: Memorandum revaluation account

Option 4: None of the above

Question : If Memorandum revaluation account is prepared, Assets and liabilities will appear in balance sheet at

Option 1: New values

Option 2: Old values

Option 3: Cost

Option 4: None of the above

Question : Increases and decreases in the value of assets and liabilities are recorded through

Option 1: Profit and loss account 

Option 2: Profit and loss appropriation account 

Option 3: Partners capital account

Option 4: Revaluation account

Question : After revaluation is done, Assets and liabilities will appear in balance sheet at

Option 1: New values

Option 2: Old values

Option 3: Cost

Option 4: None of the above

Question : When the unrecorded asset is taken by partners, it is debited to --------------------and credited to----------------------.

Option 1: concerned partners' capital account and cash Account

Option 2: concerned partners' capital account and Realization account

Option 3: realization account and partners capital account

Option 4: none of the above