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Question
On dissolution of a firm, realisation account is debited with:
Options
All assets to be realised
All outside liabilities of the firm
Cash received on sale of assets
Any asset to be taken over by one of the partners
MCQ
Solution
All assets to be realised
Explanation:
The realisation account is debited with all assets to be realised and credited with all outside liabilities of a company when it dissolves.
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