Question

on dissolution of the firm, what entry is passed for making payment of realisation expenses by a partner?​

Answer 1

Answer:

Realisation 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.