Question

Profit or Loss on disposal of
asset not taken over by a
Limited Company is
transferred to
a. Current A/C
b. Realisation A/c
C. P&L A/C
d. Capital A/C​

Answer 1

Explanation:

Realisation loss is transferred to Capital Account. 2. The cash available in the firm and received from private estate of the partners is paid to Creditors, after meeting the realisation expenses, if any. The unpaid balance will be transferred to Deficiency Account.