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Question
On dissolution of a firm, there was an unrecorded asset of ₹ 2,000 which was taken over by a partner at ₹ 2,500. What entry will be passed?
Journal Entry
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Solution
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
| Partner’s Capital A/c ...Dr. | 2,500 | - | ||
| To Realisation A/c | - | 2,500 | ||
| (Being unrecorded asset taken over by partner at agreed value) |
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