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Question
What journal entry will be passed when the unrecorded furniture of ₹ 20,000 is taken by Sanjay, a partner, for ₹ 15,000 on the dissolution of the firm?
Journal Entry
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Solution
| Journal Entry | ||||
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
| Sanjay’s Capital A/c ...Dr. | 15,000 | - | ||
| To Realisation A/c | - | 15,000 | ||
| (Being unrecorded furniture taken over by partner Sanjay) | ||||
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