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Question
On dissolution, what entry is passed if a partner takes over an asset of the firm valued ₹ 10,000 at ₹ 6,000?
Journal Entry
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Solution
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
| Partner’s Capital A/c ...Dr. | 6,000 | - | ||
| To Realisation A/c | - | 6,000 |
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