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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessHard
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If an unrecorded asset is sold for ₹7,000, which entry will be made in the Realisation Account?

Answer and explanation

Correct answer: Credit ₹7,000

The sale proceeds of an unrecorded asset are credited to the Realisation Account. The complete journal entry is: Bank Account Dr. ₹7,000; To Realisation Account ₹7,000. Therefore, Credit ₹7,000 is correct. Crediting ₹3,500 is incorrect because the entire sale proceeds must be recorded. Exam tip: Credit the Realisation Account with the sale proceeds of an unrecorded asset; do not record its transfer to Realisation Account.

Related tags

Dissolution Of PartnershipRealisation AccountUnrecorded AssetsClosing The BusinessPartnership AccountsDissolution Of A Partnership FirmAccountancyClass 12 Mcq
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10 more MCQs
  1. 1What is the process of permanently closing a partnership firm and ending its existence called?
  2. 2Which account is prepared at the time of dissolution of a firm to determine the profit or loss arising from the settlement of its assets and external liabilities?
  3. 3What is generally done with the assets of a partnership firm at the time of its dissolution?
  4. 4On dissolution of a partnership firm, from what are the external liabilities generally paid?
  5. 5To which account is the realisation profit transferred?
  6. 6To which account is the realisation loss transferred?
  7. 7What happens to the existence of the firm after dissolution?
  8. 8Dissolution expenses are generally debited to which account?
  9. 9At the time of dissolution, if an asset is sold for ₹10,000, what amount will be credited to the Realisation Account?
  10. 10On dissolution of a firm, to whom is the final cash balance paid after settling outside liabilities and other amounts due?
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