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Question
On dissolution of a firm, there was an Unrecorded asset of ₹ 15,000 which was taken over by a partner at ₹ 13,000. Partner's Capital Account will be debited by ______.
Options
₹ 15,000
₹ 13,000
₹ 2,000
₹ 28,000
MCQ
Fill in the Blanks
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Solution
On dissolution of a firm, there was an Unrecorded asset of ₹ 15,000 which was taken over by a partner at ₹ 13,000. Partner's Capital Account will be debited by ₹ 13,000.
Explanation:
When an unrecorded asset is taken over by a partner, the partner’s Capital Account is debited with the agreed takeover value. Here, the asset is taken over for ₹ 13,000.
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