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Dissolution vs Retirement

Write the wor...

Question

Write the word / term / phrase, which can substitute each of the following statements.

Conversion of assets into cash on dissolution of firm.

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Solution

Realisation

Explanation: The procedure of converting assets into cash at the time of dissolution of a firm is termed as realisation. In this procedure, Realisation Account is opened in order to determine the correct amount of profits or losses.

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