Maharashtra State BoardHSC Commerce 12th Board Exam
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If an asset is taken over by partner from firm his capital account will be ___________. - Book Keeping and Accountancy

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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
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 6 Dissolution of Partnership Firm
Exercise | Q 4 | Page 182
Balbharati Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board
Chapter 6 Dissolution of Partnership Firm
Exercise 6 (Objective Questions) | Q 1. A) 4) | Page 241
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