Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Dissolution of Partnership Firm

Question:

The realization of assets and the revaluation of assets of a partnership firm is............

Options:

Same

Different

Difference arise if new partner come

None of these

Correct Answer:

Different

Explanation:

The basic Difference Between Revaluation and Realisation account is the time of preparation. The revaluation account is prepared when there are changes in the partnership deep but the realisation account is prepared when the firm is dissolved.