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If a partner takes goods from the firm for personal use, what happens in the capital account?

Answer and explanation

Correct answer: Partner's capital account will be debited

When goods are taken, the partner receives value from the firm, so capital account is debited. Use agreed value.

Related tags

Goods TakenCapital AccountDissolutionPartner AccountsDissolution Of A Partnership FirmAccountancyClass 12 Mcq

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