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Dissolution vs Retirement

Write the wor...

Question

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

The account which shows realisation of assets and discharge of liabilities.

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Solution

Realisation Account

Explanation: The account that shows realisation of assets and discharge of liabilities is Realisation Account. It is opened to ascertain the profit or the loss on sale of assets and settlement of liabilities.

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