Practicing Success
Practicing Success
CUET Preparation Today
| On Dissolution of the firm, Partner's Capital accounts are closed through: |
Realisation Account Drawings Account Bank Account Loan Account |
| Bank Account |
| The Realisation Account is prepared to record the transactions relating to sale and realisation of assets and settlement of creditors. Any profit or loss arising act of this process is shared by partners’ in their profit sharing ratio. Partners’ accounts are also settled and the Cash or Bank account is closed. |
