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Home Questions RHVWH8JZBP
Target Exam

CUET

Subject

Accountancy

Chapter

Dissolution of Partnership Firm

Question:

On firm's dissolution, a partner undertook firm's creditors at ₹17,000. In this case the account will be credited:

Options:

Realisation Account

Cash account

Partner's Capital Account

Profit & Loss Account

Correct Answer:

Partner's Capital Account

Explanation:

For a liability which a partner takes responsibility to discharge
Realisation A/c Dr.
To Partner’s Capital A/c
As partner capital account increased by this amount.

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