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Answer in One Sentence Only. Why is Realisation Account Opened? - Book Keeping and Accountancy

One Line Answer

Answer in one Sentence only.
Why is Realisation Account opened?

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Solution

Realisation Account is opened to determine the amount of profit or loss from the realisation of assets and payment of liabilities at the time of dissolution of a partnership firm.

Concept: Dissolution of Partnership Firm
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 6 Dissolution of Partnership Firm
Exercise | Q 9 | Page 181
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