Realisation A/c
This query is : Resolved
Nishant Kumar
(Querist)
10 May 2011
It is said that Realisation A/c is a nominal a/c because it is used to find out Profit/Loss at the time of Amalgamation or Dissolution of Partnership. But, the rule for nominal a/cs, i.e. Debit all expenses and losses and Credit all Incomes and Gains is not followed here! Infact, there's no nominal a/c which is either debited or credited to Realisation A/c. It contains all personal and real a/cs appearing in the B/S. Then, how can it be a nominal a/c. Is its nature something different? Please help.
prashant bhardwaj
(Expert)
10 May 2011
dear Nishant,
while preparing Realisation going concern concept is not applied so all accounts are of nominal nature except capital accounts
while preparing Realisation going concern concept is not applied so all accounts are of nominal nature except capital accounts
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