1.

Select the most appropriate answer from the alternative given below and rewrite the sentence.If any asset is taken over by partner from the firm _________ account will be debited.OptionsCapitalRevaluationAssetProfit and Loss Adjustment

Answer»

If any asset is taken over by partner from the firm capital account will be debited.

Explanation: If any asset is taken over by a partner from the firm, then his/her Capital Account is debited. The capital account of a partner has credit balance, which, on taking over of an asset, gets reduced to the extent of the value of the asset so taken over.



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