Question : When the unrecorded asset is taken by partners, it is debited to --------------------and credited to----------------------.
Option 1: concerned partners' capital account and cash Account
Option 2: concerned partners' capital account and Realization account
Option 3: realization account and partners capital account
Option 4: none of the above
Correct Answer: concerned partners' capital account and Realization account
Solution : Answer = concerned partners' capital account and Realization account. When assets are taken over by any partner, the concerned partner's capital account will be debited, and the realization account will be credited. Hence, the correct option is 2.
Question : When a partner pays unrecorded liability is --------------------debited and concerned ------------------------is credited.
Question : When unrecorded liability is paid, ------------------is debited and ----------------Account is credited with the amount paid, it being in the nature of-------------------.
Question : If at the time of admission if there is some unrecorded Assets, it will be _________ to _______ Account.
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