Question

On dissolution Cash or Bank Account is closed automatically. (State True or False)

Answer 1

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Your Answer:-


TRUE


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Answer 2

• The above statement is TRUE

• In the case of dissolution, the accounts of a firm are closed automatically.

• Because of the capital funds reveals any balance that is transferred to the cash or bank account.

• Realisation account is necessary at the time of dissolution.

• partners' capital accounts and available cash in bank accounts are equal so accounts of a firm are closed.