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Accountancy

In this below question can't we debit the unrecorded asset with rs 6000 in the realisation a/c ? If not why ?

Swathi Krishna

CA Final

★ 8K+

10-Aug-20 14:55

386

Answers (3)

It will not come on dr Because Q took the asset at 4800 so it will dr to Q partnership a/c

Sangita Devendra

CA Foundation

★ 23K+

11-Aug-20 18:32

So can we show like this?

Thread Starter

Swathi Krishna

CA Final

★ 8K+

11-Aug-20 18:41

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.

Lavanya Chitturi

CA Inter

★ 895

11-Aug-20 19:05

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