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On firm’s dissolution, on realisation of goodwill (which was shown in Balance Sheet) will be credited to :
Cash A/c
Realisation A/c
Profit & Loss A/
None of the A/c
- On the dissolution of a firm, all assets and liabilities are settled, including goodwill.
- Goodwill, being an intangible asset, is written off on dissolution.
- Realisation A/c: This account is used to record the disposal of assets and payments of liabilities. The realization of goodwill on dissolution is usually credited here.
- Cash A/c: Cash account is used for recording cash transactions. It doesn’t deal with non-cash assets like goodwill directly.
- Profit & Loss A/c: This account deals with revenues and expenses, not directly with goodwill realization on dissolution.
- None of the A/c: This doesn’t apply since goodwill needs accounting treatment.
By: santosh ProfileResourcesReport error
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