account is debited when the incoming partner brings money in the business.

Bank

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Partner's current

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Goodwill

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Fixed asset

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Solution

The correct option is A Bank
When the incoming partner brings money in the business, we debit bank account and credit incoming partner's capital account.

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Similar questions

What is the journal entry when the incoming partner brings money in the business.

The owner writes a cheque in his favor for withdrawal of money from bank for business. Which account shall be debited in this case?

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