Accounting Treatment of Assets and liabilities taken by partner at the time of dissolution

When a partner agree to pay the liabilities or take over any asset then firm will make the realisation account and respective partner who take over the asset will credit in realisation account and if he agree to pay the liabilities then his account will debit in realisation account . For this we will pass the journal entry.
1. For take over the assets
Partner's capital account Dr. ( Who take over the assets)
To realisation account ( With accepted amount)
2. For paying any liability by any partner at the time of dissolution
Realisation account Dr. ( accepted pay the amount)
To Partner's capital Account( Who pays the amount of liability)