When a liability is assumed by a partner his capital account is ----------

Related MCQs

• Realization account Dr. To partner’s capital a/c; this entry is recorded when
• If a partner takes over some assets for value on dissolution, realization account should be -----------
• Amount advanced by partner over and above the capital is paid
• When an unrecorded asset is taken over by one of the partners, his capital account is ----------------
• The amount given to the policy holder due to his liability of paying Further premium is called ………………………………..
• Investment account is ………………………. Account
• ………… account is real account
• Realization account is a ---------- account
• The account opened to close the various assets and liabilities of the firm on dissolution is called ------------- account
• The nominal account prepared to close the account of business is --------------