When a firm is dissolved, unrecorded assets taken over by a partner are recorded by:
A. Debiting Realisation A/c, Crediting Partner's Capital A/c
B. Ignored
C. Debiting Partner's Capital A/c, Crediting Realisation A/c
D. Debiting Cash, Crediting Realisation
Answer: Option C
Solution (By JKSSB Mock Tests)
Taking an asset reduces the amount payable to the partner (debit capital) and is treated as a realization of asset value (credit Realisation A/c).
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