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The realization account is temporarily use in place of ?

Accounting Cost Accounting Financial Accounting Economics
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Question added by rafay merchant
Date Posted: 2017/05/06
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Muhammad Ashar Naveed Qureshi
by Muhammad Ashar Naveed Qureshi , Sr. Accountant , Safar Masoud Al-Ammar Al-Dosari Contracting Co. & MBCC

On dissolution of a firm, in order to record the sale of assets and discharge of liabilities, a nominal account is opened the named Realization Account. This is to ascertain the Profit of Loss at dissolution of the firm.

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