All assets (except cash/bank and fictitious assets) are transferred to the__________ side of __________Account.
- ADebit/Capital
- BCredit/Capital
- CRealisation/Capital
- DDebit/Realization
Solution & Step-by-step Explanation
The introductory step in closing accounts upon partnership firm dissolution involves transferring the book value of all tangible/intangible assets (excluding cash, bank balances, and fictitious assets) over to the Debit side of the Realization Account.