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Realisation of Assets and Liabilities - Comprehensive

When a partne...

Question

When a partner discharges the liability of the firm, which account is credited?

A

None of these

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B

Partner`s capital account

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C

Bank account

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D

Realisation account

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Solution

The correct option is B
Partner`s capital account

When a partner discharges the liability of the firm, Partner`s capital account is credited.

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Realisation of Assets and Liabilities - Comprehensive

Standard XII Accountancy