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Select the most appropriate alternative from those given below :

If any asset is taken over by partner from firm his Capital A/c will be_________.

Options

  • Credited
  • Debited
  • Added
  • None of these

1 Answer

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Best answer

If any asset is taken over by a partner from the firm, then his Capital A/c will be debited.

Explanation: When an asset is taken over by a partner, then the Realisation A/c is credited and the Concerned Partner’s Capital A/c is debited with the agreed price at which the asset is taken over by him.

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