Maharashtra State BoardHSC Arts 12th Board Exam
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Give the word/term/phrase which can substitute the following statement. Assets which are not recorded in the books of account. - Book Keeping and Accountancy

Question

Give the word/term/phrase which can substitute the following statement.

Assets which are not recorded in the books of account.

Solution

Assets which are not recorded in the books of account. - Unrecorded Assets

Explanation: Those assets that go unrecorded or are skipped in the books of accounts are termed as unrecorded assets. Thus, as these are unrecorded in the books, they are not transferred to the Realisation Account. However, if any unrecorded asset is taken over by any partner, then it is recorded by crediting the Realisation Account and debiting the Concerned Partner’s Capital Account.

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Give the word/term/phrase which can substitute the following statement. Assets which are not recorded in the books of account. Concept: Dissolution of Partnership Firm.
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