if any assest is taken over by partner from his capital account will be what?
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If a partner invested an asset other than cash, an asset account is debited, and the partner's capital account is credited for the market value of the asset. If a certain amount of money is owed for the asset, the partnership may assume liability.
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when an assets is taken over by a partner then he must have to pay the cash to firm but instead of receiving cash and to reduce the long process of accounting, his Capital is debited which reduces firm's liability towards
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