Realisation A/c is debited with___________on the dissolution of firm. (
This question was previously asked in
Shift 11/06/2023 3:30 PM - 6:30 PM
A
Transfer of all assets that are to be Realised
B
Transfer of all external liabilities of the firm
C
Cash received on sale of assets
D
Any asset that was taken over by any one of partner
Correct Answer
Transfer of all assets that are to be Realised
Detailed Explanation
Realisation A/c is indeed debited with the "Transfer of all assets that are to be realized" on the dissolution of a firm. This entry accounts for the transfer of all assets that are to be realized (sold) during the liquidation process.
So, the correct option is:
(1) Transfer of all assets that are to be realized
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