when an asset is taken over by a partner why is his capital account debited.?


Hi Kush,
The answer posted by Riya is correct. Moreover for more explanation, please go through the following link.
https://www.meritnation.com/ask-answer/question/why-should-we-write-in-dr-of-partner-capital-a-c-when-asset/accountancy/6411811

All the Best!!!

  • 4
if he has taken over the asset then he would have to pay for it he cannot take it for free because of that his capital decreases and hence capital account is debited
  • 11
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