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Dissolution vs Retirement

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Question

Write the word / term / phrase, which can substitute each of the following statements.

Assets which are not recorded in the books of accounts.

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Solution

Unrecorded Assets

Explanation: Those assets that go unrecorded or are skipped in the books of accounts are termed as unrecorded assets. Thus, as these are unrecorded in the books, they are not transferred to the Realisation Account. However, if any unrecorded asset is taken over by any partner, then it is recorded by crediting the Realisation Account and debiting the Concerned Partner’s Capital Account.

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