{"id":49943,"date":"2024-04-15T23:03:09","date_gmt":"2024-04-15T23:03:09","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=49943"},"modified":"2024-04-15T23:03:09","modified_gmt":"2024-04-15T23:03:09","slug":"at-the-time-of-dissolution-of-firm-balance-of-cash-is-shown-in","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/at-the-time-of-dissolution-of-firm-balance-of-cash-is-shown-in\/","title":{"rendered":"At the time of dissolution of firm, balance of cash is shown in"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Cash account&#8221; option2=&#8221;Revolution account&#8221; option3=&#8221;Profit and loss account&#8221; option4=&#8221;Realisation account&#8221; correct=&#8221;option4&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>D. Realisation account<\/strong><\/p>\n<p>A realisation account is a special purpose account used to record the disposal of the assets of a business that is being dissolved. The balance of cash in the realisation account is transferred to the partners&#8217; capital accounts at the end of the dissolution process.<\/p>\n<p>The other options are incorrect because:<\/p>\n<ul>\n<li>A cash account is a general ledger account that is used to record all cash receipts and payments of a business.<\/li>\n<li>A revaluation account is a special purpose account used to record the revaluation of assets at the time of dissolution of a business.<\/li>\n<li>A profit and loss account is a financial statement that shows the revenues and expenses of a business for a period of time.<\/li>\n<\/ul>\n<p>I hope this helps! Let me know if you have any other questions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Cash account&#8221; option2=&#8221;Revolution account&#8221; option3=&#8221;Profit and loss account&#8221; option4=&#8221;Realisation account&#8221; correct=&#8221;option4&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-49943","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>At the time of dissolution of firm, balance of cash is shown in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/at-the-time-of-dissolution-of-firm-balance-of-cash-is-shown-in\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"At the time of dissolution of firm, balance of cash is shown in\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Cash account&#8221; 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