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At the time of admission of a partner in a firm, the journal entry for an unrecorded investment of Rs. 30,000 will be:
  • a)
    Revaluation A/c Dr. 30,000 To Unrecorded Investment A/c 30,000
  • b)
    Unrecorded Investment A/c Dr. 30,000 To Revaluation A/c 30,000
  • c)
    Partner’s Capital A/c Dr. 30,000 To Unrecorded Investment A/c 30,000
  • d)
    Unrecorded Investment A/c Dr. 30,000 To Partner’s Capital A/c 30,000
Correct answer is option 'B'. Can you explain this answer?
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At the time of admission of a partner in a firm, the journal entry for...
's Capital A/c Dr. 30,000To Unrecorded Investment A/c 30,000d)Unrecorded Investment A/c Dr. 30,000To Partner's Capital A/c 30,000

Answer: c) Partner's Capital A/c Dr. 30,000 To Unrecorded Investment A/c 30,000

Explanation: When a new partner is admitted into a partnership firm, they must contribute capital to the business. The new partner may bring in cash or other assets such as equipment or inventory. If the new partner brings in an asset that was not previously recorded in the books, such as an unrecorded investment of Rs. 30,000, the journal entry would be to debit the Partner's Capital account for Rs. 30,000 and credit the Unrecorded Investment account for Rs. 30,000. This entry increases the total capital of the partnership and recognizes the value of the new partner's investment in the business.
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At the time of admission of a partner in a firm, the journal entry for...
B)
Unrecorded investment a/c Dr.
To Revaluation a/c
( Investment is an asset for the business having a debit balance and so it will be debited. Since all the assets and liabilities are revalued in the revaluation a/c, revaluation a/c has been credited.)
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At the time of admission of a partner in a firm, the journal entry for an unrecorded investment of Rs. 30,000 will be:a)Revaluation A/c Dr. 30,000To Unrecorded Investment A/c 30,000b)Unrecorded Investment A/c Dr. 30,000To Revaluation A/c 30,000c)Partner’s Capital A/c Dr. 30,000To Unrecorded Investment A/c 30,000d)Unrecorded Investment A/c Dr. 30,000To Partner’s Capital A/c 30,000Correct answer is option 'B'. Can you explain this answer?
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At the time of admission of a partner in a firm, the journal entry for an unrecorded investment of Rs. 30,000 will be:a)Revaluation A/c Dr. 30,000To Unrecorded Investment A/c 30,000b)Unrecorded Investment A/c Dr. 30,000To Revaluation A/c 30,000c)Partner’s Capital A/c Dr. 30,000To Unrecorded Investment A/c 30,000d)Unrecorded Investment A/c Dr. 30,000To Partner’s Capital A/c 30,000Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about At the time of admission of a partner in a firm, the journal entry for an unrecorded investment of Rs. 30,000 will be:a)Revaluation A/c Dr. 30,000To Unrecorded Investment A/c 30,000b)Unrecorded Investment A/c Dr. 30,000To Revaluation A/c 30,000c)Partner’s Capital A/c Dr. 30,000To Unrecorded Investment A/c 30,000d)Unrecorded Investment A/c Dr. 30,000To Partner’s Capital A/c 30,000Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for At the time of admission of a partner in a firm, the journal entry for an unrecorded investment of Rs. 30,000 will be:a)Revaluation A/c Dr. 30,000To Unrecorded Investment A/c 30,000b)Unrecorded Investment A/c Dr. 30,000To Revaluation A/c 30,000c)Partner’s Capital A/c Dr. 30,000To Unrecorded Investment A/c 30,000d)Unrecorded Investment A/c Dr. 30,000To Partner’s Capital A/c 30,000Correct answer is option 'B'. Can you explain this answer?.
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