Maharashtra State BoardHSC Arts 12th Board Exam
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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.
Credit balance in Realisation Account.

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Solution

Realisation Profit

Explanation: Credit balance in Realisation Account is regarded as ‘Profit on Realisation’. It arises when the credit side of Realisation A/c is more than the debit side. This profit is distributed among all the partners in their profit-sharing ratio.

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 5 | Page 181
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