On dissolution, when a partner takes ove

CUET Preparation Today

Start Free Mocks

Home Questions H5UCZSU8WX

Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Dissolution of Partnership Firm

Question:

On dissolution, when a partner takes over an asset, which of the following account is debited?

Options:

Realisation Account

Cash account

Partner's Capital Account

Profit & Loss Account

Correct Answer:

Partner's Capital Account

Explanation:

For an asset taken over by a partner
Partner’s Capital A/c Dr.
To Realisation A/c
Partner Capital is reduced by such amount.