Complete the sentence: If an asset is taken over by the partner, _____ account is debited.
Q.1 (B) (5) Complete the sentence: If an asset is taken over by the partner, _____ account is debited.
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Answer: that partner’s capital
On dissolution the entry is Partner’s Capital A/c Dr. To Realisation A/c, at the agreed value of the asset taken over.
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· 28 Oct 2026
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