In partnership dissolution, an asset taken over by a partner is debited to?

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Accounts - Principles of Accounts JAMB 2008

In partnership dissolution, an asset taken over by a partner is debited to?

  • partners capital account and credited to realization account checkmark
  • Partners capital account and credited to asset account
  • asset account and credited to realization account
  • realization account and credited to capital account

The correct answer is: A

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