On taking responsibility of payment of a

CUET Preparation Today

Start Free Mocks

Home Questions VU6ARZG3DP

Target Exam

CUET

Subject

Accountancy

Chapter

Dissolution of Partnership Firm

Question:

On taking responsibility of payment of a liability of Rs50,00 by a partner, the account credited will be........

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
Ralisation A/c Dr.
To Partner’s Capital A/c