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On dissolution, the balance of a partner’s capital account appearing on the assets side of a balance sheet is transferred to :
On the Debit of Realisation Account
On the Credit of Realisation Account
On the Debit of Partner’s Capital Account
On the Credit of Cash Account
- On the Debit of Realisation Account: The realisation account handles items related to the disposal of assets and settlement of liabilities during dissolution. Partner’s capital account balances aren't typically related to realization.
- On the Credit of Realisation Account: Similarly, the credit side of the realisation account is for recording gains or receipts from selling assets.
- On the Debit of Partner’s Capital Account: A partner's capital balance appearing on the asset side indicates a debit balance (deficit). This balance would correct the capital account by debiting it.
- On the Credit of Cash Account: This is for recording cash inflows, not related to settling partner capital balances.
Correct Answer: On the Debit of Partner’s Capital Account
By: santosh ProfileResourcesReport error
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