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CBSE Class 12-commerce Answered

In realisation chapter, if a partner has taken a asset and make payment in cash. So what is it entry.
Asked by nancysundrani23 | 22 Feb, 2019, 06:20: AM
answered-by-expert Expert Answer
In case of Dissolution of Partnership, all the assets and the liabilities are transferred to the Realisation Account. Therefore, when an asset is taken over by a Partner, following entry is to be passeed:
 
Partners' Capital A/c       ..Dr.
    To Realisation Account
 
If further any cash by the partner s paid for the same, following entry for cash is to be passed:
 
Cash A/c      ...Dr.
    To Partners' Capital A/c
Answered by Surabhi Gawade | 22 Feb, 2019, 10:32: AM

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