Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Dissolution of Partnership Firm

Question:

On dissolution of a firm, a partner took-over the investments of ₹10,000 at ₹12,000. By how much amount the Realisation Account will be credited?

Options:

₹10000

₹22000

₹12000

None of the above

Correct Answer:

₹12000

Explanation:

The correct answer is option 3- 12000. 

For an asset taken over by a partner
Partner’s Capital A/c Dr.  ₹12,000
      To Realisation A/c                    ₹12,000
(Assets taken by partner)