Realisation a/c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 July 2011
in tallyerp9 under which group Realisation account is to be opened at the time of dissolution or takeover of the firm by company?
CMA Ramesh Krishnan
(Expert)
31 July 2011
Realization account is prepared at the time of closure of business. E.g. Dissolution of a partnership, Amalgamation of a company.
ü In case of partnership net realization loss or profit is transferred to partner’s capital account in profit sharing ratio.
ü Where in case of companies; it is transferred to equity share holder’s account.
It can be under Reserves & Surplus head
ü In case of partnership net realization loss or profit is transferred to partner’s capital account in profit sharing ratio.
ü Where in case of companies; it is transferred to equity share holder’s account.
It can be under Reserves & Surplus head
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