State whether the following statements are True or False with reasons.

1.	State whether the following statements are True or False with reasons.On dissolution, Bank overdraft is transferred to Realisation Account.
Answer» This statement is True. As a sundry liability of the business, bank overdraft is a liability of a firm and hence, it is transferred to Realisation Account at the time of dissolution and paid a third party Liability.

State whether the following statements are True or False with reasons.On dissolution, Bank overdraft is transferred to Realisation Account.

Answer»

This statement is True.

As a sundry liability of the business, bank overdraft is a liability of a firm and hence, it is transferred to Realisation Account at the time of dissolution and paid a third party Liability.

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State whether the following statements are True or False with reasons.On dissolution, Bank overdraft is transferred to Realisation Account.

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