Unrecorded assets of Rs 30000 is taken by a partner and also undertakes to pay his wife's loan of rs - Accountancy - Dissolution of Partnership Firm

Question

Unrecorded assets of Rs 30000 is taken by a partner and also
undertakes to pay his wife's loan of rs 10000 in settlement of her
loan of rs 40000 at the time of firm's dissolution How much amount
will be transferred to realisation A/c?

Sirjan Arneja · Accepted Answer

Dear Student,
for unrecorded assets, on the credit side of realisation account,
'By Partner's Capital Account 30000'
for wife's loan, on debit of realisation account, 'To Partner's
Capital Account 10000' & 'To Cash Account 30000'
Regards

Unrecorded assets of Rs.30000 is taken by a partner and also undertakes to pay his wife's loan of rs.10000 in settlement of her loan of rs.40000 at the time of firm's dissolution . How much amount will be transferred to realisation A/c?