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?
Answer & explanation
Correct answer: option 3
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)