Explanation:

- Option 1: At Book Value

- Assets are recorded at their original purchase price.

- Option 2: At Market Value

- Assets are recorded at the price they would sell for in the market.

- This value fluctuates based on economic conditions.

- Option 3: Cost or Market Value, whichever is lower

- A conservative approach, ensuring assets are not overvalued.

- Common in inventory valuations rather than liquidation.

- Option 4: None of the Above

- Implies another method is used.

In dissolution, assets are normally transferred to the realization account at book value, becuase purpose of relisation account is to calculate profit & loss due to relisation of asset & liabilities