In dissolution what is the role of current account balance?
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Answer....
✍️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.
✍️Debiting the payment of Liabilities to the account.
✍️Debiting the dissolution expenses of the firm.
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Answer: On payment of dissolution expenses, Realisation Account is to be debited. These are a firm's expenses and should be paid by the firm. However, when such expenses are paid by the firm on behalf of a partner, then the Concerned Partner's Capital Account is debited.
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