Select the entry that is to be made when a creditor accepts an asset in full and final settlement of his account.
Held on 11 Jun 2023 · Verified 13 Jul 2026.
Realisation A/c Dr
To Bank A/c
Bank A/c Dr
To Realisation A/c
Creditor A/c Dr
To Asset A/c
No Entry
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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
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