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Class 12AccountancyDissolution of a Partnership FirmRealisation AccountEasy
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On which side is profit shown in the Realisation Account?

Answer and explanation

Correct answer: डेबिट पक्ष

A profit arises when the total of the credit side of the Realisation Account exceeds the total of its debit side. To balance the account, the profit is recorded on the debit side as transferred to the partners’ capital accounts in their profit-sharing ratio. The credit side is the closest distractor because a loss is shown there. Exam tip: Profit—debit; loss—credit.

Related tags

AccountancyPartnership DissolutionRealisation AccountProfit And LossPartnership AccountsDissolution Of A Partnership FirmClass 12 Mcq
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10 more MCQs
  1. 1What is the main purpose of Realisation Account on dissolution of a firm?
  2. 2For what purpose is the Realisation Account prepared on the dissolution of a partnership firm?
  3. 3At the time of dissolution of a partnership firm, to which account are the real (non-cash) assets and external liabilities transferred?
  4. 4At what value are the assets of a partnership firm transferred to the Realisation Account?
  5. 5On which side is a loss shown in the Realisation Account?
  6. 6At the time of dissolution of a partnership firm, on which side of the Realisation Account are the proceeds from the sale of assets recorded?
  7. 7On dissolution of a partnership firm, on which side of the Realisation Account is the payment of liabilities recorded?
  8. 8What type of account is a Realisation Account?
  9. 9At the time of dissolution, how is the goodwill appearing in the books recorded in the Realisation Account?
  10. 10At the time of dissolution of a partnership firm, when an asset is sold for cash, on which side of which account is the sale proceeds recorded?
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