A partnership firm is dissolved. Which of the following accounts is prepared at the time of dissolution? MCQ with Answer and Explanation

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A partnership firm is dissolved. Which of the following accounts is prepared at the time of dissolution?

A. Memorandum Revaluation Account

B. Realisation Account

C. Revaluation Account

D. Profit and Loss Adjustment Account

Answer: Option B

Solution (By JKSSB Mock Tests)

Realisation Account is prepared to close the books on dissolution.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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