If an asset is taken over by partner from firm his capital account will be ___________.

Question

KollegeApply · Accepted Answer

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.

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