When a partner takes over an asset, his capital account is debited and Realisation A/c is credited. Tina took over investments of Rs. 50,000 at book value, so: Tina's Capital A/c Dr. Rs. 50,000 To Realisation A/c Rs. 50,000.
State Journal entry for realisation of investment.
Held on 29 May 2023 · Verified 13 Jul 2026.
Tina's capital A/c Dr. Rs. 50,000 To Realisation A/c Rs. 50,000
Tina's Capital A/c Dr. Rs. 30,000 Meena's capital A/c Dr. Rs. 20,000 To Realisation A/c Rs. 50,000
Realisation A/c Dr. Rs. 50,000 To Tina's Capital A/c Rs. 50,000
Realisation A/c Dr. Rs. 50,000 To Tina's capital A/c Rs. 30,000 To Meena's Capital A/c Rs. 20,000
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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.