Practicing Success
Practicing Success
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| On a partnership firm's dissolution, which one of the following account should be prepared at the last? |
Realisation Account Partner's Capital Accounts Cash/Bank Account Partner's Loan Account |
| Cash/Bank Account |
| Bank/Cash account is prepared at the end. It may be noted that the aggregate amount finally payable to the partners must equal to the amount available in bank and cash accounts. Thus, all accounts of a firm are closed in case of dissolution. |
