7. Chander and Naresh were partners in a firm sharing profits in 3 :2 ratio. On
28.2.2020 their firm was dissolved. After the transfer of various assets (other
than cash) and third party liabilities to Realisation Account, the following
transactions took place:
1. A machine that was not recorded in the books was taken over by
Chander at Rs.3,000 whereas its expected value was Rs.5,000
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