Partnership(dissolution) -- unrecorded asset

If you debit it to realisation, the other account will have closing balance

CA Suraj Lakhotia

Admin

25-Aug-23 19:49

We don't know which category this unrecorded asset belongs to , without affecting other assets closing balance, just we credit this as gain . Is it right ?

Thread Starter

Sajeetha R

CA Final

★ 46K+

25-Aug-23 21:04

We can debit the realisation account and the second effect will be to credit the partners capital account. But as the balance in the realisation account is transferred to the capital account there is no need to record the asset.

Rishabh Narwani

CA Final

★ 38K+

26-Aug-23 04:12

Thank u

Thread Starter

Sajeetha R

CA Final

★ 46K+

26-Aug-23 06:07

Thank u sir

Thread Starter

Sajeetha R

CA Final

★ 46K+

26-Aug-23 06:07