18 February 2009
Yes. A partner can also bring a liability with assets. If the liability is of the firm of repayment, then certainly it is to be shown as an liability. But if the liability is of someone else and the security is of firm's assets then partnership deed must provide for such act.
If the firm agrees with the incoming partner for the repayment of liability, then liability can be brought into business and necessary entry will be passed in the books of the firm.
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