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Dissolution vs Retirement

All external ...

Question

All external liabilities are transferred to the ___side of Realisation account.

A

None of these

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B

either A or B

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C

Credit

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D

Debit

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Solution

The correct option is C
Credit

All external liabilities are transferred to the Credit side of Realisation account.

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Similar questions

The expenses of Realisation are _______________ Realisation A/c.

Q. When some expenses are incurred and paid by the firm in the process of realisation of assets and payment of liabilities, __________ A/c is debited and _________ A/c is credited.

Q. All external liability accounts including provisions, if any, are closed by transferring them to the credit of _________ account.

_____________ is/are not transferred to Realisation A/c.

Q. Select the most appropriate alternative from those given below :

In case of dissolution assets and liabilities are transferred to _____________A/c.
a) Bank A/c
b) Partner’s capital A/c
c) Realisation A/c
d) Partner’s current A/c

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