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How will be recorded in the partnership accounts with

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Question 1: A partnership is often formed by the joining together of sole trader businesses. Assets other than cash and liabilities are sometimes contributed. If a depreciating asset is brought into the partnership, it will be recorded in the partnership accounts (books) with:

a. debit to asset and credit to accumulated depreciation (as per the partners' original accounts)

b. debit to asset only (as per the current market value)

c. debit to asset and credit to accumulated depreciation (as per agreed amounts)

d. debit to asset only (as per the carrying amount in the partners original accounts)

Reference no: EM132594043

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