Question

Who has to bear dissolution expense , at the time of dissolution of a firm ?​

Answer 1

Answer:

We do not transfer the loan by a partner to firm to Realisation account, it remains in its account itself. At the time of settlement, i.e., payment of liabilities, we pay partner's loan after paying the outside liabilities but before payment of capital. Amount (Dr.)

Explanation:

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Answer 2

Answer:

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This account is prepared to know the profit made or loss incurred at the time of dissolution of a firm. All the assets except cash and bank a/c are transferred to the debit side of realization account and liabilities (not capital accounts) are transferred to the credit side of realization account..

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