When a partner takes over an unrecorded asset, the partner's Capital Account is debited and Realisation Account is credited with the agreed value. So, the entry appears on the credit side of the Realisation Account.
Unrecorded assets when taken over by a partner on dissolution are shown in:
Held on 20 Jun 2023 · Verified 13 Jul 2026.
Debit of Realisation Account
Debit of Bank Account
Credit of Realisation Account
Credit of Bank Account
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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.