Question : Realisation A/c is a :
Option 1: Nominal A/c
Option 2: Real A/c
Option 3: Personal A/c
Option 4: Real A/c as well as Personal A/c
Answer (1)
22nd Jan, 2024
Correct Answer: Nominal A/c
Solution : To keep track of the sale of these assets and the payment of liabilities, a nominal account called the Realisation account is established. This account aids in determining the firm's profit or loss as a result of the realisation of assets and liabilities at the time of business closure.
Hence the Correct answer is option 1.
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