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    • Question : When the unrecorded asset is taken by partners, it is debited to --------------------and credited to----------------------. Option 1: conc ...
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    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

    Team Careers360 21st Jan, 2024
    Answer
    Answer (1)
    Team Careers360 25th Jan, 2024

    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.

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