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Question
If any asset is taken over by partner from the firm ______ account will be debited.
Options
Capital
Revaluation
Asset
Profit and Loss Adjustment
Balance Sheet
MCQ
Fill in the Blanks
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Solution
If any asset is taken over by partner from the firm capital account will be debited.
Explanation:
If any asset is taken over by a partner from the firm, then his/her Capital Account is debited. The capital account of a partner has a credit balance, which, on taking over an asset, gets reduced to the extent of the value of the asset so taken over.
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