a partner's loan was appearing on the liabilities side of balance sheet at 50000. accepted unrecorded asset of 40000 at 35000 and the balance was paid to him cash. pass the journal entry

Dear student
As partner's loan of amount 35000 is compensate with unrecorded Assets Hence no journal would pass. How ever balance cash paid to him is recorded as
Partner's Loan A/C...................................Dr      15000
​​​​​       To Cash                                                                    15000
(Being balance amount paid for partner's loan)
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Regards

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Partners Loan Dr 50000
To Realisation 35000
T9 Cash 15000
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