Question : ______ A/C is opened for disposing of all the assets of firm and making payment of all the liabilities.
Option 1: Revaluation
Option 2: Profit and Loss Suspense
Option 3: Realisation
Option 4: Profit and Loss Appropriation
Answer (1)
20th Jan, 2024
Correct Answer: Realisation
Solution : For the purpose of selling all of the company's assets and paying off all of its liabilities, a Realisation Account has been formed. Hence, the correct option is 3.
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