Practicing Success
X & Y are partners sharing profits and losses in the ratio 4:3. They decide to dissolve the firm. On the date of dissolution following information is available- |
In which of the following account payment of realisation is shown? |
Cash A/c Partner's Capital A/c Balance sheet Revaluation A/c |
Cash A/c |
If some expenses are incurred by the firm during the realisation of assets and payment of liabilities and the firm makes the payment, the entry will be as follows: Realisation Account Dr. To Bank Account |