Question

in case an asset purchased by any partner​

Answer 1

Step-by-step explanation:

When a partner agree to pay the liabilities or take over any asset then firm will make the realisation account and respective partner who take over the asset will credit in realisation account and if he agree to pay the liabilities then his account will debit in realisation account .

Answer 2

Answer:

Yes, assets can be acquired by the partnership. This is done either by a partner transferring property to the partnership, or the partnership using its profits and other assets to acquire more property.

Step-by-step explanation:

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