In this below question can't we debit the unrecorded asset with rs 6000 in the realisation a/c ? If not why ?
It will not come on dr
Because Q took the asset at 4800 so it will dr to Q partnership a/c
So can we show like this?
We should not. Since, the actual value of asset being Rs. 6,00 is not recognized earlier, now it has been taken over by Q for Rs. 4,800 which is gain to the entity and hence, realization account has been debited with Q.
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