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Realisation account

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(Querist)
29 June 2014 realization account , is it on profit /loss on realization basis ? eg. stock 37000 . realized value 27000. so which amount should be transferred in realization account..10000 or 27000?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
29 June 2014 Dear Meet,

you will firs transfer the stock at Rs 37000 to the realization account...then transfer the sale consideration to this account...the net balance (profit or loss, which in this case is loss is subsequently transferred to capital accounts (in case of partnership)
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Rupesh Jain

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Rupesh Jain (Expert)
30 June 2014 all amount of sale will tfr in realization a/c then loss / profit will generate.
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