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State whether the following statements are True or False with reasons.At the time of dissolution of the partnership, all assets should be transferred to Realisation Account. |
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Answer» This statement is False. At the time of dissolution of the partnership, the cash account and Bank A/c are not transferred to Realisation A/c. Similarly, if an asset is taken over by a partner or by any creditor then that asset is transferred to the concerned person’s account and not to the Realisation Account. |
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