SELECT * FROM question_mgmt as q WHERE id=10345 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=11 AND chapterId=138 and ex_no='2' AND status=1 ORDER BY CAST(question_no AS UNSIGNED)

Question:

What is a Realisation Account?

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. 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. When assets are sold 11

cash/bank A/c is debited and Realization A/c credited. On settling the liabilities
Realization A/c is debited and Cash/Bank A/c is credited. In last if total of credit
side exceeds debit side, it means there is profit and that is transferred to partners capital accounts. In case of loss, the partners' capital accounts are debited and Realization A/c credited.


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  • Answered by Ekta Mehta
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