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A partner paid 700 for the firm's realization expenses when the firm was dissolved.
- a)Cash Account
- b)Realization Account
- c)Capital Account of the Partner
- d)None of the above
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
A partner paid 700 for the firms realization expenses when the firm wa...
Realization Account:
- The nature of the Realization account is a Nominal Account. The purpose of preparing a Realization account is to close the dissolved firm's books of accounts and determine profit or loss on the Realization of assets and payment of liabilities. It is put together by:
- Transferring all assets, except cash and bank accounts, to the account's debit side.
- Transferring all liabilities to the credit side of the account except the Partner's Loan Account and the Partners' Capital Accounts.
- Crediting the asset sale receipt to the account.
- Debiting the account for the payment of liabilities.
- Deducting the firm's dissolution expenses.
- The account balance can be either profit or loss. This balance is transferred to the Partners' Capital Accounts in their profit-sharing ratio.
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