Partnership firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 November 2014
In dissolution of partnership firm, why are the assets transferred to debit of realisation a/c and liabilities to credit of it?
24 November 2014
In order to know the amount to be distributed/recovered from the respective partners.
Message likes :
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25 November 2014
all assets and liability tfr to realization a/c to know the short fall.
01 December 2014
because in order to keep all accounts under 1 head a realization account is made and all assets having debit balance is given credit effect and reaslistion account is debited and reverse is case of liabilities.
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