Question

what do you mean by realisation account​

Answer 1

Answer:

Realization Account is prepared at the time of dissolution of a partnership firm. This account is prepared to know the profit made or loss incurred at the time of dissolution of a firm. ... In last if total of credit side exceeds debit side, it means there is profit and that is transferred to partner's capital accounts.

Explanation:

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Answer 2

Explanation:

⋆ ˚｡⋆୨୧˚　˚୨୧⋆｡˚ ⋆On dissolution of a firm all the books of account are closed all assets are sold and all liabilities are paid off. In order to record the sale of assets and discharge of liabilities a nominal account is opened named realisation account. ⋆ ˚｡⋆୨୧˚　˚୨୧⋆｡˚ ⋆