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    is credited when unrecorded asset is brought into business

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    Unrecorded asset when realised is credited to .

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    Question

    Unrecorded asset when realised is credited to  ____________ .

    A

    Realisation Account

    B

    partners' Capital Accounts

    C

    None of the above

    D

    Only option (A)

    Medium Open in App Solution Verified by Toppr

    Correct option is A)

    Unrecorded assets are those assets that have been completely written off but are still physically present in the business. There is no requirement to show these assets in the books before they are sold off. Hence, these assets are directly credited to the Realisation account at the time of dissolution of the firm. 

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    __________ is credited when an unrecorded asset is brought into the business.

    __________ is credited when an unrecorded asset is brought into the business.

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    __________ is credited when an unrecorded asset is brought into the business.

    OPTIONS

    Revaluation Account Balance Sheet Trading Account

    Partners capital Account

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    SOLUTION

    Revaluation Account is credited when an unrecorded asset is brought into the business.

    Concept: Admission of a Partner - Revaluation of Assets and Liabilities

    Is there an error in this question or solution?

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    Chapter 3: Reconstitution of Partnership (Admission of Partner) - Exercise 3.1 (Objective Type Questions) [Page 159]

    Q 1. (A) 3. Q 1. (A) 2. Q 1. (A) 4.

    APPEARS IN

    Balbharati Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board

    Chapter 3 Reconstitution of Partnership (Admission of Partner)

    Exercise 3.1 (Objective Type Questions) | Q 1. (A) 3. | Page 159

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    Unrecorded Assets Definition

    Define Unrecorded Assets. is defined in Section 2.1(e).

    Unrecorded Assets definition

    Unrecorded Assets is defined in Section 2.1(e).

    Sample 1 Sample 2 Sample 3

    Unrecorded Assets means all (i) right, title and interest in customer lists, customer credit information (to the extent neither a Contributor nor any Affiliate thereof is bound to any confidentiality obligation with respect thereto), customer payment histories and credit limits, vendor lists, catalogs, and (ii) right, title and interest in Intellectual Property to the extent used or contemplated for use principally in the normal operation and conduct of (or to the extent under development for use principally in the normal operation and conduct of) or the marketing or promotion of, the Contributed Business.

    Sample 1

    Unrecorded Assets means all right, title and interest of Contributor and any of its Affiliates in customer lists, customer credit information (to the extent neither Contributor nor any of its Affiliates is bound to any confidentiality obligation with respect thereto), customer payment histories and credit limits, vendor lists, and catalogs.

    Sample 1

    Examples of Unrecorded Assets in a sentence

    Realisation A/c Dr.To Partner’s Capital A/cNote : Both Unrecorded Assets and Unrecorded Liabilities will NOT be Transferred to Realisation Account as these are NOT the Parts of the Balance Sheet .

    ParticularsAmountParticularsAmount To Decrease in value of asset xxxxx By Increase in value of asset xxxxx Revaluation Account ParticularsAmountParticularsAmount To Increase in value of Liability xxxx By Decrease in value of Liability xxxx Revaluation Account ParticularsAmountParticularsAmount To unrecorded Liability xxxx By Unrecorded Assets xxxx Note :1.

    UNIT-V Partnership Accounts – Dissolution of Firm – Settlement of accounts – Accounting Treatment for Unrecorded Assets and Liabilities – Insolvency of a Partner – Garner Vs Murray – Fixed and Fluctuating Capital – All Partners Insolvency (simple problems only)(Weightage of Marks = Problems - 80%, Theory - 20%)Reference Books: 1.

    Unrecorded Assets or Liabilities are transferred to Partner’s Capital Accounts.1. FalseReason: Unrecorded assets and liabilities are credited and debitedrespectively in Revaluation Account and resulting gain (profit) or loss is credited / debited to Partners Capital Accounts.Correct Statement: Unrecorded asset is credited in Revaluation Account and unrecorded liability is debited.Resulting gain (profit) or loss is transferred to Partners CapitalAccounts.

    UNIT – V 12 HoursPartnership Accounts – Dissolution of Firm – Settlement of accounts – Accounting Treatment for Unrecorded Assets and Liabilities – Insolvency of a Partner – Garner Vs Murray – Fixed and Fluctuating Capital – All Partners Insolvency (simple problems only).

    Revaluation Account or Profit and Loss Adjustment accountParticularsAmountParticularsAmount Rs. Rs.To Decrease in the value of Assets (Individually)√By Increase in the value of Assets (Individually)√To Reserve for Bad andDoubtful debts (Individually)√By Decrease in the value ofLiabilities (Individually)√To Increase in the value of Liabilities (Individually)√By Unrecorded Assets (viz.Unrecorded Investment prepaidexpenses etc.)√To Unrecorded Liabilities (viz.

    In 1991, a subgroup was formed under the Sale of Future Revenue/Securitization on Nonadmitted or Unrecorded Assets Working Group to study financial reinsurance.

    Answer (i) Accounting Treatment for Unrecorded Assets Unrecorded asset is an asset, which have not been shown in the books of account or which has been written off in the books of accounts, but the asset is still available in physical condition.

    Related to Unrecorded Assets

    Included Assets means the Investments owned as of the Termination Date or the Investment Liquidity Date, as applicable, and any Investments acquired after the Termination Date or the Investment Liquidity Date, as applicable, for which a contract to acquire such Investment had been entered into by or on behalf of the General Partner as of the Termination Date or the Investment Liquidity Date, as applicable.

    Excluded Assets has the meaning set forth in Section 2.2.

    Leased Assets shall have the meaning ascribed thereto in Section 3.6.

    Intangible Property means all intangible property, if any, owned by Contributor and related solely to the Land and Improvements, including without limitation, Contributor’s rights and interests, if any, in and to the following: (i) all assignable plans and specifications and other architectural and engineering drawings for the Land and Improvements; (iii) all assignable warranties or guaranties given or made in respect of the Improvements or Personal Property; and (iv) all transferable consents, authorizations, variances or waivers, development rights, concurrency reservations, impact fee credits, licenses, permits and approvals from any governmental or quasi-governmental agency, department, board, commission, bureau or other entity or instrumentality solely in respect of the Land or Improvements, but excluding any deposit accounts.

    Assets and Properties of any Person means all assets and properties of every kind, nature, character and description (whether real, personal or mixed, whether tangible or intangible, whether absolute, accrued, contingent, fixed or otherwise and wherever situated), including the goodwill related thereto, operated, owned, licensed or leased by such Person, including cash, cash equivalents, Investment Assets, accounts and notes receivable, chattel paper, documents, instruments, general intangibles, real estate, equipment, inventory, goods and Intellectual Property.

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