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MCQ
Fill in the Blanks
If an asset is taken over by partner from firm his capital account will be ___________.
Options
credited
debited
added
none of these
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Solution
If an asset is taken over by partner from firm his capital account 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.
Concept: Dissolution of Partnership Firm
Is there an error in this question or solution?
Chapter 6: Dissolution of Partnership Firm - Exercise 6.1 (Objective Questions) [Page 241]
