Question

On retirement of a parnter unrecorded assets are?

Answer 1

The gain or loss on revaluation of each asset and liability is transferred to this account and finally its balance is transferred to the capital accounts of the old partners in their old profit sharing ratio. ... Similarly unrecorded assets are credited and unrecorded liabilities are debited to the revaluation account.

Answer 2

$\huge \underbrace \mathfrak \pink{AnsweR}$

• The gain or loss on revaluation of each asset and liability is transferred to this account and finally its balance is transferred to the capital accounts of the old partners in their old profit sharing ratio.
• Similarly unrecorded assets are credited and unrecorded liabilities are debited to the revaluation account.

Hope its helpful............!!

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