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On dissolution of a firm, realisation account is debited with: -

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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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