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    profit on realisation account is transferred by transferor company to

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    Question

    In case of profit on realisation, we pass an entry for transfer-

    Open in App Solution

    The correct option is B

    Realisation A/c Dr, To Partner’s capital A/c

    In case of profit on realisation, we pass an entry for transfer-

    Realisation A/c Dr, To Partner’s capital A/c

    Adjustment in Partner's Capital A/c

    Standard XII Accountancy

    Suggest Corrections 9

    स्रोत : byjus.com

    In case of profit on realisation, A/c is debited and A/c is credited.

    Click here👆to get an answer to your question ✍️ In case of profit on realisation, A/c is debited and A/c is credited.

    Question

    In case of profit on realisation, ________ A/c is debited and ________ A/c is credited.

    A

    Partner's Capital (Individually), Realisation

    B

    Realisation, Partner's Capital (Individually)

    C

    Realisation, Bank

    D

    Bank, Partner's Capital

    Hard Open in App Solution Verified by Toppr

    Correct option is B)

    Realisation account is prepared at the time of dissolution of a firm to know the profit/loss at the time of dissolution of the firm. All assets except cash/bank are transferred to the debit side of realisation account. In case any asset has a corresponding provision or reserve that is transferred to the credit side of realisation account. Similarly, all outside liabilities like creditors and loans etc. are transferred to the credit side of realisation account. After this money received on sale of assets are recorded on the credit side of realisation account and all payments made to outside parties are recorded on the debit side of realisation account.  Realisation A/c is debited while Partner's Capital (Individually) A/c is credited for transfer of profit on realisation.

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    Profit or loss of realisation account is transferred to :

    Profit or loss of realisation account is transferred to :

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    Dissolution Of A Partnership Firm

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    Profit or loss of realisation account is transferred to :

    Updated On: 27-06-2022

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    Text Solution A

    Profit &Loss Account

    B

    Capital accounts of partners

    C Balance sheet D None of the above Answer

    The correct Answer is B

    Answer

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