When non-current assets are contributed by a partner they should be recorded in the partnership books at:
A) historic cost.
B) depreciable value.
C) carrying amount.
D) fair value.

Question

Quizplus · Accepted Answer

Non-current assets contributed by a partner should be recorded in the partnership books at fair value. This ensures that the partnership's financial statements accurately reflect the current value of the assets and can help prevent future disputes between partners.

When Non-Current Assets Are Contributed by a Partner They Should