Question : On dissolution of a firm, an unrecorded asset of Rs. 10,000 was taken by a partner for Rs. 8600 against payment. Which Account will be credited and by how much amount?
Option 1: Cash Account by Rs. 8600
Option 2: Realisation Account by Rs. 700
Option 3: Partner's Capital Account by Rs. 8600
Option 4: Realisation Account by Rs. 8600
Answer (1)
24th Jan, 2024
Correct Answer: Realisation Account by Rs. 8600
Solution :
Answer =
Realisation Account by Rs. 8600
When unrecorded assets are realised or taken by any partner.
Cash/Bank/partner's capital a/c........Dr Rs 8,600
To Realisation a/c Rs 8,600
Hence, the correct option is 4.
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