Which one of the following is the
third party liability
A
Building
B
Partner's loan
С G
Cash
D Bills Payable
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Option “B” is the correct answer that is Partner loan.
• Partner’s loan is a type of 3rd party liability.
• A partner's loan is actually not a part of the any partner's capital. It is employed like any other loan from a 3rd party, regardless of the balance in the partner's capital. Therefore, it would be discharged off by the amount realized from the sale of capitals.
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