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

Accounts - Principles of Accounts
JAMB 2008
In partnership dissolution, an asset taken over by a partner is debited to?
  • A. partners capital account and credited to realization account
  • B. Partners capital account and credited to asset account
  • C. asset account and credited to realization account
  • D. realization account and credited to capital account
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Correct Answer: Option A
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