Question

State two objectives of Realisation account?​

Answer 1

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ᴛʜᴇ ᴏʙᴊᴇᴄᴛ ᴏꜰ ᴘʀᴇᴘᴀʀɪɴɢ ʀᴇᴀʟɪꜱᴀᴛɪᴏɴ ᴀᴄᴄᴏᴜɴᴛ ɪꜱ ᴛᴏ ᴄʟᴏꜱᴇ ᴛʜᴇ ʙᴏᴏᴋꜱ ᴏꜰ ᴀᴄᴄᴏᴜɴᴛꜱ ᴏꜰ ᴛʜᴇ ᴅɪꜱꜱᴏʟᴠᴇᴅ ꜰɪʀᴍ ᴀɴᴅ ᴛᴏ ᴅᴇᴛᴇʀᴍɪɴᴇ ᴘʀᴏꜰɪᴛ ᴏʀ ʟᴏꜱꜱ ᴏɴ ᴛʜᴇ ʀᴇᴀʟɪꜱᴀᴛɪᴏɴ ᴏꜰ ᴀꜱꜱᴇᴛꜱ ᴀɴᴅ ᴘᴀʏᴍᴇɴᴛ ᴏꜰ ʟɪᴀʙɪʟɪᴛɪᴇꜱ.ᴛʀᴀɴꜱꜰᴇʀʀɪɴɢ ᴀʟʟ ᴛʜᴇ ʟɪᴀʙɪʟɪᴛɪᴇꜱ ᴇxᴄᴇᴘᴛ ᴘᴀʀᴛɴᴇʀ'ꜱ ʟᴏᴀɴ ᴀᴄᴄᴏᴜɴᴛ ᴀɴᴅ ᴘᴀʀᴛɴᴇʀꜱ' ᴄᴀᴘɪᴛᴀʟ ᴀᴄᴄᴏᴜɴᴛꜱ ᴛᴏ ᴛʜᴇ ᴄʀᴇᴅɪᴛ ꜱɪᴅᴇ ᴏꜰ ᴛʜᴇ ᴀᴄᴄᴏᴜɴᴛ.

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Answer 2

Explanation:

1.) Disposing Off all the Assets of the Firm and making payment to All the Creditors.

2.) To find out the Profit or Loss on Realization of Assets and Payment of Liabilities .