CUET Preparation Today
| At the time of dissolution of partnership firm, the amount of "Bills Payable" shown in the liability side of Balance Sheet is transferred to : |
Realisation Account Creditor"s Account Partner"s Capital Account Profit & Loss Account |
| Realisation Account |
| All external liability accounts including provisions, if any, are closed by transferring them to the credit of Realisation account. Liabilities (individually) Dr. To Realisation A/c |
