1.Realisation of assets on dissolution is *
Answers
Answer:
In case of dissolution, assets and liabilities are transferred to Realisation A/c. Explanation: All the assets (except cash or bank balances) are transferred to the debit side, whereas all the liabilities (except bank overdraft) are transferred to the credit side ofRealisation Account.
Realisation of assets on dissolution is
Realisation of assets on dissolution is the property which comes to the share of the partners in the dissolution of a partnership firm.
Dissolution means the termination of any existing business and business relationship between the partners of a firm, it simply means that the business partnership which is being carried on together, has ceased and ceased to be its business. are. In such a situation all assets are recovered and liabilities are paid, which can be compulsorily dissolved either by consent of the partners or by order of the court.
When a partnership firm is dissolved, the realisation account is opened at the time of dissolution and the realisation of assets and the value of liabilities is transferred to this account.
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