What is realisation account
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Realisation account refers to an account opened by the firm when it goes to dissolution to record the profit made from the sale of assets and loss suffered on the settlement of liabilities. ... All the assets and external liabilities are transferred to this account except: Cash in hand. Bank balance. Fictitious Assets.
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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.
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