CBSE Class 12-commerce Answered
Realization gain is not matching
Asked by Viditraj23 | 18 Jun, 2019, 12:52: AM
Expert Answer
We appreciate the doubt asked, however, we would request you to post a particular question with complete details for which we can provide you an appropriate solution.
With respect to the concept mentioned in the question, following are some important points that will help you understand the concept more effectively and will assist you in solving other problems.
Understanding Realisation Account: This account is prepared with the objective of determining gain (profit) or loss on the realisation of assets and payment of liabilities in the event of dissolution of the firm. It is prepared by following the below points:
- All assets except Cash or Bank Account are transferred to the debit side of the account;
- All liabilities except Partner’s Loan Account and Partner’s Capital Accounts are credited to the account;
- Any amount realised on sale of asset is credited to the account;
- Any amount of liability paid is debited to the account;
- Any expenses incurred by the firm on dissolution are debited;
- Any amount of balance left in the account is either a gain or loss which is then transferred to the Partners’ Capital Accounts in their profit sharing ratio.
Answered by Surabhi Gawade | 18 Jun, 2019, 09:47: AM
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