Accounting treatment in case all partners of a firm are insolvent
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Explanation:
In case of insolvency of all partners, creditors should not be transferred to realisation account; only assets should be transferred to realisation account. Amount realised from the assets should be credited to realisation account. Expenses should be debited to realisation account.
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28
Answer:
In case of insolvency of all partners, creditors should not be transferred to realisation account; only assets should be transferred to realisation account. Amount realised from the assets should be credited to realisation account. Expenses should be debited to realisation account.
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