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

Accounts - Principles of Accounts
JAMB 2025

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

  • A. partners capital account and credited to realization account
  • B. realization account and credited to capital account
  • C. partners capital account and credited to asset account
  • D. asset account and credited to realization account
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Correct Answer: Option A
Explanation

The accounting entries are: Debit Partners' capital account and Credit Realization account.

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