At the time of dissolution of their firm, Ahmed and Subhash, who are partners of that firm, agreed that Ahmed will pay realization expenses for a fixed remuneration of Rs.12,000. The actual expenses were Rs. 16,000. The Journal entry to be passed is
Held on 16 Jul 2022 · Verified 13 Jul 2026.
Ahmed Capital A/c Dr 16,000
To Realization A/c 16,000
Realisation A/c Dr 12,000
To Bank A/c 12,000
Realisation A/c Dr 12,000
To Ahmed Capital A/c 12,000
Realization A/c Dr 16,000
To Ahmed Capital A/c 16,000
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.