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Write the Word / Term / Phrase, Which Can Substitute the Following Statements. - Book Keeping and Accountancy

One Word Answer

Write the word / term / phrase, which can substitute the following statements.
An account opened to find out the Profit or Loss on Sale of Assets and Settlement of Liabilities.

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Solution

Realisation Account

Explanation: Realisation Account is opened to find out the profit or loss on sale of assets and settlement of liabilities at the time of dissolution of the 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 3 | Page 181
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