On dissolution of a firm, realisation account is debited with:
A. All assets to be realised
B. All outside liabilities of the firm
C. Cash received on sale of assets
D. Any assets taken over by one of the partners
Answer:A
On dissolution of a firm, realisation account is debited with:
A. All assets to be realised B. All outside liabilities of the firm C. Cash received on sale of assets D. Any assets taken over by one of the partners