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P1 C7 DISSOLUTION OF PARTNERSHIP — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C7 DISSOLUTION OF PARTNERSHIP1 Mark
Question
Explain the meaning of Realisation Account.
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Answer

An account which is prepared at the time of dissolution to give the accounting treatments to dispose off assets and payments of liabilities is known as Realisation Account.

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