In the case of the Dissolution of a partnership firm, which accounts are opened:(A) Realization Account
(B) Revaluation Account
(C) Partners Capital Account
(D) Bank AccountChoose the correct answer from the options given below:
- A(A), (B) and (D) only
- B(A), (B) and (C) only
- C(A), (B), (C) and (D)
- D(A), (C) and (D) only
Solution & Step-by-step Explanation
During the dissolution process:A Realization Account (A) is structured to settle assets and liabilities.Partners Capital Accounts (C) are verified for final equity return.A Bank/Cash Account (D) tracks the ultimate cash liquidations and settlements.A Revaluation Account (B) is created during reconstitutions (admission/retirement/ratio change) while the firm remains operational, not during absolute dissolution. Hence, the correct choices are (A), (C), and (D) only.