Difference between asset taken by a partner and asset purchased by a partner
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When all the assets are sold for cash, the Cash Account or Bank Account is debited and the Realisation Account credited. If any assets is taken over by a partner, the capital account of the concerned partner is debited and Realisation Account is credited.
When all the assets are sold for cash, the Cash Account or Bank Account is debited and the Realisation Account credited. If any assets is taken over by a partner, the capital account of the concerned partner is debited and Realisation Account is credited.
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