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REALISATION ACCOUNT | CLASS 12TH | ACCOUNTS | PARTNERSHIP ACCOUNTING. IN THIS VIDEO YOU WILL LEARN HOW TO PREPARE THE REALISATION ACCOUNT IN THE PARTNERSHIP ACCOUNTING. KINDLY WATCH ALL THE VIDEOS IN A PROPER ORDER TO GET BETTER CLARITY ON THE TOPICS. THANKS AND REGARDS.
Transcript
00:00So today we will understand what's realization account and when it's prepared so realization
00:06account is prepared on the dissolution of the partnership firm in this account where
00:11lies all the assets the cash value of all the assets and liabilities are paid here and
00:18if there is any remaining balance that is distributed among the partners.
00:23So steps step number one we transfer all the assets except fictitious assets and cash and
00:31bank balance and loan to partners other all the assets are transferred in the debit side
00:37of the realization account and number two all the liabilities all the external liabilities
00:44like creditors bills payable bank loan they are transferred to the credit side of the
00:50realization account.

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