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Partnership firm

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Querist : Anonymous

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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?
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Amol S Joglekar

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Amol S Joglekar (Expert)
24 November 2014 In order to know the amount to be distributed/recovered from the respective partners.
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Rupesh Jain

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Rupesh Jain (Expert)
25 November 2014 all assets and liability tfr to realization a/c to know the short fall.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
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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