Question

The accounts which show realisation of assets and discharge of liabilities. Answer in a word / phrase / term.

Answer 1

ʜᴇʟʟᴏ,

ᴜ ʀ ᴀɴsᴡᴇʀ,,,

⬇️⬇️⬇️⬇️⬇️

_______________________________

ʀᴇᴀʟɪsᴀᴛɪᴏɴ ᴀᴄᴄᴏᴜɴᴛ sʜᴏᴡs

✏️ ʀᴇᴀʟɪsᴀᴛɪᴏɴ ᴏғ ᴀssᴇᴛ

✏️ ᴅɪsᴄʜᴀʀɢᴇ ᴏғ ʟɪᴀʙɪʟɪᴛɪᴇs.

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ᴍᴀʏʙᴇ ɪᴛ ʜᴇʟᴘs ᴜ.....☺️

#___ʙᴇ__ʙʀᴀɪɴʟʏ___☺️✌️✌️

@addictedboy......❗❗

Answer 2

A realisation account is the accounts that shows the realisation of assets and the discharge of liabilities.

• Realisation account refers to an account opened by the company when it goes through dissolution to document the profit from the sale of property and losses suffered from liability settlement.
• All the assets and the existing liabilities are allocated to this account except: cash in hand.
• The theory of realisation is the concept that income can only be accepted when, respectively, the underlying goods or services associated with the income have been provided or made.