Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Dissolution of Partnership Firm

Question:
Which of the following is transferred to Realisation Account at the time of dissolution of partnership firm?
Options:
Reserves
Amount realized on the sale of assets
Balance of Profit Account
Balance of Profit & Loss Account
Correct Answer:
Amount realized on the sale of assets
Explanation:
Sale of assets credited to realisation account. All other options are transferred to partners capital A/c.