There was an Unrecorded asset of 5,000 which was taken over by a partner at 2,500. Partner's Capital Account will be debited by...........
Options:
₹2500
₹5000
₹7500
None of the above
Correct Answer:
₹2500
Explanation:
For an asset taken over by a partner Partner’s Capital A/c Dr. 2,500 To Realisation A/c 2,500 As it means partners capital account is reduced by this amount.