Accounting · Partnership Accounts
Which of the following is NOT a fundamental step involved during the preparation of a Realization Account upon the dissolution of a partnership firm?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Transfer of the net profit or loss of realization to Partners' Capital Accounts
- 2Settlement of outside liabilities recorded on the credit side
- 3Transfer of book values of assets to the debit side of the Realization Account
- 4Revaluation of assets for continuing business operations✓
Correct answer
Revaluation of assets for continuing business operations
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