If a partner takes over an asset, such Partner’s Capital Account is __________________.

None of the above

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either A or B

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Credited

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Debited

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Solution

The correct option is D
Debited

If a partner takes over an asset, such Partner’s Capital Account is debited.

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If a partner takes over an asset, such Partner’s Capital Account is __________________.

The correct option is D Debited If a partner takes over an asset, such Partner’s Capital Account is debited.

The correct option is D
Debited

If a partner takes over an asset, such Partner’s Capital Account is debited.