why is unrecorded asset not recorded first and then realised at the time of dissolution of partnership firm?
Hello Student,
Unrecorded assets or assets which are completely written off may fetch some cash at the time of dissolution. These are those assets which don't appear in the books. There is no need of bringing them into books and selling them afterwards. It can be directly treated by crediting realisation account and debiting cash account.
Regards
Unrecorded assets or assets which are completely written off may fetch some cash at the time of dissolution. These are those assets which don't appear in the books. There is no need of bringing them into books and selling them afterwards. It can be directly treated by crediting realisation account and debiting cash account.
Regards