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In the event of dissolution, assets are transferred to the Realization Account:
- a)At Book Value
- b)At Market Value
- c)Cost or Market Value, whichever is lower
- d)More than one of the above
Correct answer is option 'A'. Can you explain this answer?
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In the event of dissolution, assets are transferred to the Realization...
At the time of dissolution of a partnership firm, all assets (except cash and bank) are transferred to the Realization Account at their Book Value. The Realization Account is a nominal account prepared to record the realization (sale) of assets and payment of liabilities. Assets are debited to the Realization Account at their book value, and the actual proceeds from the sale of these assets are credited. The resulting balance, which is the profit or loss on realization, is transferred to the Partners' Capital Accounts in their profit-sharing ratio.
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In the event of dissolution, assets are transferred to the Realization Account:a)At Book Valueb)At Market Valuec)Cost or Market Value, whichever is lowerd)More than one of the aboveCorrect answer is option 'A'. Can you explain this answer?
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