Accountancy, asked by Anonymous, 7 months ago

realisation account format

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Answered by Anonymous

Answer:

When assets are sold cash/bank A/c is debited and Realization A/c credited. On settling the liabilities Realization A/c is debited and Cash/Bank A/c is credited. In last if total of credit side exceeds debit side, it means there is profit and that is transferred to partner's capital accounts.

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