Question : There was an old computer which was written-off in the books of accounts in the pervious year. The same has been taken over by a partner Nitin for Rs.3,000 when the firm has been dissolved. Choose the Correct Journal entry :
Option 1: Nitin’s Capital A/c Dr. 3,000
To Realisation A/c 3,000
(Being unrecorded old computer taken over by the partner Nitin)
Option 2: Bank A/c Dr. 3,000
To Realisation A/c 3,000
(Being unrecorded old computer taken over by the Partner)
Option 3: Realisation A/c Dr. 3,000
To Nitin’s Capital A/c 3,000
(Being unrecorded old computer taken over by the partner Nitin)
Option 4: None of the Above
Correct Answer: Nitin’s Capital A/c Dr. 3,000
To Realisation A/c 3,000
(Being unrecorded old computer taken over by the partner Nitin)
Solution : Nitin’s Capital A/c Dr. 3,000
To Realisation A/c 3,000
(Being unrecorded old computer taken over by the partner Nitin)
The correct answer is option 1.
