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Question

How do we record an unrecorded asset in Revaluation Account?


A
Revaluation Account Dr. and Unrecorded Asset Account Cr
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B
Unrecorded Asset Account Dr and Revaluation Account Cr.
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C
No entry
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D
None of the above
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Solution

The correct option is D Unrecorded Asset Account Dr and Revaluation Account Cr.
We record an unrecorded asset in Revaluation Account as Unrecorded Asset Account Dr and Revaluation Account Cr.

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