Maharashtra State BoardHSC Commerce 12th Board Exam
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Select the Most Appropriate Answer from the Alternative Given Below and Rewrite the Sentence. - Book Keeping and Accountancy


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.


  • capital

  • revaluation

  •  asset

  • Profit and Loss Adjustment

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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
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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
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