In realisation account we record assets at book value whether the book value is cost price or it can be - Accountancy - Dissolution of Partnership Firm

Question

In realisation account we record assets at book value whether the
book value is cost price or it can be revised value while preparing
revised balance sheet at the time of reconstitution?

Neha Chopra · Accepted Answer

Dear Student

On dissolution of the firm we close all assets and liabilities of
the firm in Realisation account and Partners capital account , Such
that no balance sheet is prepared after dissolution

So in order to Close all the accounts , We transfer all the assets
or liabilities in realisation at the values at which they
are appearing in the books of accounts , It may be
revalued figures

Regards

In realisation account we record assets at book value.whether the book value is cost price or it can be revised value while preparing revised balance sheet at the time of reconstitution?