Question

Give The journalentry for transferring an asset to realisation account​

Answer 1

Explanation:

Realisation Account

Transferring all the assets except Cash or Bank Account to the debit side of the account.

Transferring all the liabilities except Partner's Loan Account and Partners' Capital Accounts to the credit side of the account.

Crediting the Receipt on the sale of assets to the account.

Answer 2

Explanation:

All plus accounts excluding money, bank, and fictitious assets, if any, area unit closed by transfer to the debit of Realisation account at their book values. it's going to be noted that sundry debtors area unit transferred at gross price and therefore the provision for uncertain accounts is transferred to the accounting system of the Realisation account together with liabilities. an equivalent is applied for fastened assets if the supply for depreciation account is maintained. the overall entry recorded for the transfer is:

Realization Account Dr.

To Assets (Individually) Account

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