Unrecorded assets when taken over by a partner are shown on: |
Debit of Realisation Account Debit of Bank Account Credit of Realisation Account Credit of Bank Account |
Credit of Realisation Account |
The correct answer is Option (3) → Credit of Realisation Account When a partner takes over an unrecorded asset, entry is Partner’s Capital A/c Dr To Realisation A/c. This treats the takeover like a sale, so it appears on the credit side of the Realisation A/c. |