Question

takeover of a liability by a partner what should be paid​

Answer 1

If partners take over firm’s assets, we debit it to their Capital Accounts at the agreed value being payment against their capital. If a partner takes over the liability of the firm, we credit it to their Capital Accounts. In addition, we also transfer undistributed profits/losses, reserves and Realisation profit/loss to capital accounts in their profit-sharing ratio.........

Answer 2

Answer:

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