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Reassessment of Liabilities (Retirement)

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Question

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

Debit balance in realisation account.

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Solution

Realisation Loss

Explanation: Debit balance in Realisation Account is regarded as ‘Loss on Realisation’. It arises when the debit side of Realisation A/c is more than its credit side. This loss is borne by all the partners’ in their profit-sharing ratio.

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