Question : On firm’s dissolution, which one of the following account should be prepared at the last?
Option 1: Realisation Account
Option 2: Cash Account
Option 3: Partner’s Loan Account
Option 4: Partner’s Capital Accounts
Answer (1)
18th Jan, 2024
Correct Answer: Realisation Account
Solution : Realization accounts are prepared with the intention of closing the books of the dissolved Firm and calculating profit or loss on the sale of assets and payment of liabilities.
Hence the Correct answer is option 1.
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