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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessMedium
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On which side of the Realisation Account will ₹3,500 received from the sale of an unrecorded asset be recorded?

Answer and explanation

Correct answer: Credit

An unrecorded asset is not transferred to the Realisation Account because it was absent from the books. When it is sold, the cash or bank account is debited and the Realisation Account is credited with the sale proceeds; therefore, ₹3,500 appears on the credit side. The debit side generally records the transfer of recorded assets and payments of liabilities. Exam tip: for an unrecorded asset, record only the sale proceeds—debit Cash/Bank and credit Realisation.

Related tags

Partnership-DissolutionRealisation-AccountUnrecorded-AssetsAccounting-EntriesPartnership-AccountsClosing The BusinessDissolution Of A Partnership FirmAccountancy
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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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