Multiple Choice
If a partner takes over an asset of the firm, his capital account:
A) will be debited with the amount as agreed
B) will be credited with the market value of the asset
C) will be debited with book value of the asset
D) none of above
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q3: At the time of dissolution:<br>A)all the assets
Q4: Old profit sharing ratio minus new profit
Q5: A person who declares by word of
Q6: When good will is brought in cash
Q7: Retirement or death of a partner.<br>A)is dissolution
Q9: The persons who have entered into a
Q10: Section 37 of partnership act provided interest
Q11: For the firm interest on drawing is:<br>A)expense<br>B)income<br>C)liability<br>D)none
Q12: For any decrease in the value of
Q13: The agreement among partners which set out