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Question
On dissolution of the firm, loss calculated in Realisation Account is debited/credited to which account?
Options
Cash Account (Credit)
Partner's Capital Account (Debit)
Partner's Capital Account (Credit)
Realisation Account (Debit)
MCQ
Solution
Partner's Capital Account (Debit)
Explanation:
The loss calculated in the Realisation Account is debited to the Partner's Capital Account upon the firm's dissolution.
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