Credit balance in realisation account. Answer in a word / phrase / term.
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Credit balance in realisation account.⤵️
Firm Loss.
Credit balance in realisation account.⤵️
Firm Loss.
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• Credit balance in the Realisation Account is called Realisation Profit.
• Realisation means transferring of goods and investments into cash.
• The balance of the profit or loss is transferred into Partners Capital accounts. This is called a realization account.
• The realization account is a dissolved firm.
•If the credit balance is higher than the debit balance it means there is a gain on the realization of assets and losses.
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