MCQOPTIONS
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| 1. |
If a partner takes over an asset of the firm, his capital account: |
| A. | will be debited with the amount as agreed |
| B. | will be credited with the market value of the asset |
| C. | will be debited with book value of the asset |
| D. | none of above |
| Answer» B. will be credited with the market value of the asset | |