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Realisation of Assets (Dissolution)

For transfer ...

Question

For transfer of Assets, we pass an entry-

A

Realisation A/c Dr, To Bank A/c

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B

Assets A/c Dr, To Realisation A/c

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C

Realisation A/c Dr, To Assets A/c

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D

Bank A/c Dr, To Assets A/c

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Solution

The correct option is C
Realisation A/c Dr, To Assets A/c

For transfer of Assets to Realisation A/c, we pass an entry-

Realisation A/c Dr, To Assets A/c

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Q. A, B and C are equal partners. After selling all assets , paying all liabilities and dividing profit on realisation, capital balance are A - Rs. 8,000 (Cr.), B - Rs. 5,000 (Dr.), and C - Rs. 1,000 (Dr.). What is the amount of cash in hand?

Q. Book Value of assets (other than cash and bank) transferred to Realisation Account is ₹ 1,00,000. 50% of the assets are taken over by a partner Atul, at a discount of 20%; 40% of the remaining assets are sold at a profit of 30% on cost; 5% of the balance being obsolete, realised nothing and remaining assets are handed over to a Creditor, in full settlement of his claim.
You are required to record the Journal entries for realisation of assets.

Q. Select the most appropriate alternative from those given below :

In case of dissolution assets and liabilities are transferred to _____________A/c.
a) Bank A/c
b) Partner’s capital A/c
c) Realisation A/c
d) Partner’s current A/c

Q. _______________ assets are transferred to Realisation A/c.

Q. Book Value of assets (other than cash and bank) transferred to Realisation Account is Rs. 1,00,000. 50% of the assets are taken over by a partner atul, at a discount of 20%, 40% of the remaing assets are sold at a profit of 30% on cost; 5% of the balance being obsolete, realised nothing and remaing assets are handed over to a Creditor, in full settlement of his claim.
You are required to record the Journal entires for realisation of assets.

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Realisation of Assets (Dissolution)

Standard XII Accountancy

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