Plz answer question 5 and 6

Dear Student,

Answer to question 5 : The liability of a partner is unlimited, joint and individually liable.
It means that the partners are jointly and individually liable to repay the debts of the firm and in case one of the partners is unable to his share, the remaining partners have the burden to repay the defaulting partner's share of the debt.

Answer to question 6 : The nature of Realisation a/c is : Nominal Account.
This is because, realisation account cannot be a personal account as it does not relate to any person.
it cannot be classified as a real account as it is not an asset or liability. 
An account is classified as a nominal account when it is either an expense, income, loss or gain. In realisation account, we calculate the profit or loss on the sale of assets and payment of liabilities. The resultant is either profit or loss. Therefore, it fulfills the requirement of nominal account. Hence it is classified as a nominal account.

Regards,

 

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6) nature of realisation account is nominal A/C
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