On admission of a new partner increase in the value of an assets is credited to

The correct answer is: B. Revaluation Account

A revaluation account is a temporary account that is used to record the increase or decrease in the value of an asset. When a new partner is admitted to a partnership, the assets of the partnership are usually revalued. This means that the value of the assets is updated to reflect their current market value. The increase in the value of an asset is credited to the revaluation account. The revaluation account is then closed and the balance is transferred to the partners’ capital accounts.

The other options are incorrect because:

• Option A: Old Partner’s Capital Account is incorrect because the increase in the value of an asset is not credited to the old partners’ capital accounts. The increase in the value of an asset is credited to the revaluation account.
• Option C: Assets Account is incorrect because the increase in the value of an asset is not credited to the assets account. The increase in the value of an asset is credited to the revaluation account.
• Option D: All Partner’s Capital Account is incorrect because the increase in the value of an asset is not credited to all partners’ capital accounts. The increase in the value of an asset is credited to the revaluation account, which is then closed and the balance is transferred to the partners’ capital accounts.