CUET Preparation Today
Which statement is not false, in respect of the dissolution of a partnership firm? |
A partner took an unrecorded asset, it will be shown the credit side of realization account A partner takes an unrecorded asset, it will be shown the credit side of partners capital account A partner took a recorded liability, it will be shown the credit side of realization account A partner took an unrecorded liability, it will be shown the credit side of realization account |
A partner took an unrecorded asset, it will be shown the credit side of realization account |
The correct answer is option 1- A partner took an unrecorded asset, it will be shown the credit side of realization account. The statement 'A partner took an unrecorded asset, it will be shown the credit side of realization account' is not false, in respect of the dissolution of a partnership firm. A partner took an unrecorded asset, it will be shown the credit side of realization account- The following journal entry is passed or this- Unrecorded assets are those that are not yet reflected in the books of accounts. When a partner takes over such assets, they need to be brought into the books and accounted for. This is done by recording the asset on the credit side of the Realisation Account. The Realisation Account is used to record all the gains and losses arising from the realization of assets, including unrecorded assets. |
