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Partnershipfirm dissolution

Accountancy

Why realisation loss taken 2 times in current account as well as capital account

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Lakki Kamu

CA Final

★ 4K+

13-Sep-22 10:36

421

Answers (6)

Realisation loss is transferred to partners so it was debited to current a/c Partners bring in cash for that loss ,so there is credit in capital a/ c

MATURU HAMSA GAYATRI

CA Final

★ 23K+

13-Sep-22 10:49

MATURU HAMSA GAYATRI

Realisation loss is transferred to partners so it was debited to current a/c Partners bring in cash for that loss ,so there is credit in capital a/ c

If there is no current account then we have to post only realisation entry In capital account and balance will transfer to bank account .is it right

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Lakki Kamu

CA Final

★ 4K+

13-Sep-22 10:54

No If there is no current account, We must debit realisation loss to capital account and credit the loss brought by partnersï¿¼ to capital acc

MATURU HAMSA GAYATRI

CA Final

★ 23K+

13-Sep-22 10:57

MATURU HAMSA GAYATRI

No If there is no current account, We must debit realisation loss to capital account and credit the loss brought by partnersï¿¼ to capital acc

Can you explain the treatment for patents in realisation account

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Lakki Kamu

CA Final

★ 4K+

13-Sep-22 10:59

Like fixed assets,patents should also be debited to realisation acc

MATURU HAMSA GAYATRI

CA Final

★ 23K+

13-Sep-22 11:03

MATURU HAMSA GAYATRI

Like fixed assets,patents should also be debited to realisation acc

Got it ð???

Thread Starter

Lakki Kamu

CA Final

★ 4K+

13-Sep-22 11:44