Where will the unrecorded assets be show

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Target Exam

CUET

Subject

Accountancy

Chapter

Dissolution of Partnership Firm

Question:

Where will the unrecorded assets be shown when these assets are taken over by a partner at the time of dissolution of partnership firm?

Options:

Debit of Realisation A/c

Credit of Realisation A/c

Debit of Bank A/c

Credit of Bank A/c

Correct Answer:

Credit of Realisation A/c

Explanation:

* For sale of assets-
Bank A/c Dr.
To Realisation A/c

* For an asset taken over by a partner-
Partner’s Capital A/c Dr.
To Realisation A/c