Question

On dissolution of a firm, Partner’s Loan Account is transferred to:

Answer 1

Answer:

Answer. The object of preparing Realisation A/C is to close the books of a/cs of the dissolved firm and to determine profit or loss on the Realisation of assets and payment of liabilities. ... transferring all the liabilities except partners loan and Partners Capital Account to the credit side of the A/C

Answer 2

Cash or bank account