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Subjects
Class 12AccountancyDissolution of a Partnership FirmPartner AccountsMedium
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A partner takes an asset of ₹12000 and also takes a liability of ₹7000. What is the net effect on his capital account?

Answer and explanation

Correct answer: Debit ₹5000

Taking asset gives debit and taking liability gives credit. Net effect is ₹12000 minus ₹7000 which is debit ₹5000.

Related tags

DissolutionNumericalNet Capital EffectPartner AccountsDissolution Of A Partnership FirmAccountancyClass 12 Mcq
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10 more MCQs
  1. 1Which main account is prepared before closing partners' capital accounts on dissolution?
  2. 2If capital accounts are maintained under fixed capital method, where is the current account balance transferred on dissolution?
  3. 3On dissolution, when is a partner's loan account kept separate from his capital account?
  4. 4If there is profit in realisation account, what entry is made in partners' capital accounts?
  5. 5If there is loss in realisation account, what entry is made in partners' capital accounts?
  6. 6On dissolution, the balance of general reserve is recorded on which side of partners' capital accounts?
  7. 7On dissolution, how is the credit balance of the Profit and Loss Account distributed among partners’ capital accounts?
  8. 8On dissolution, how is the debit balance of profit and loss account recorded in partners' capital accounts?
  9. 9On dissolution, how is the surplus amount of workmen compensation reserve distributed among partners?
  10. 10If a partner takes over furniture, on which side will it be recorded in his capital account?
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