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

Question

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

Team Careers360 · Accepted Answer

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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Question : ______ A/C is opened for disposing of all the assets of firm and making payment of all the liabilities.Option 1: RevaluationOption 2: Profit and Loss SuspenseOption 3: RealisationOption 4: Profit and Loss Appropriation

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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

Question : What are the important objectives of preparing realisation account -

(A) To close all the books of account.

(B) To record transactions relating to the sale of assets and discharge of liabilities.

(C) To determine profit or loss due to the