Maharashtra State BoardHSC Commerce 12th Board Exam
Advertisement Remove all ads

Select the Most Appropriate Answer from the Alternative Given Below and Rewrite the Sentence. - Book Keeping and Accountancy

MCQ

Select the most appropriate answer from the alternative given below and rewrite the sentence.

If any asset is taken over by partner from the firm _________________ account will be debited.

Options

  • capital

  • revaluation

  •  asset

  • Profit and Loss Adjustment

Advertisement Remove all ads

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 credit balance, which, on taking over of an asset, gets reduced to the extent of the value of the asset so taken over.

Concept: Capital Brought by New Partner
  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 3 Reconstitution of Partnership (Admission of Partner)
Exercise | Q 9 | Page 108
Advertisement Remove all ads
Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×