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Dissolution of Partnership Firm — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyDissolution of Partnership Firm1 Mark
Question
What is Realisation Account?
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Answer

An account that is opened by the firm at the time of its dissolution to determine profit or loss on realisation of assets and payment of liabilities is known as Realisation Account.

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