Question

If a partner takes over a liability of the firm the partners capital account is

Answer 1

Answer:

Well, in that case if he is doing so then his capital A/C should be credited by that amount as that liability decrease the capital of a partner so it is very necessary to compensate him by the commensurate amt.

Explanation:

Answer 2

If an asset goes taken over, the liability in the firm and the partner's capital account will get debited.

• If an asset had taken over, the Realisation account gets credited.
• The Concerned Partner's Capital account will get debited.
• The partner's capital account will get debited with the agreed price at which the asset would be taken over by him.