Which are the important objectives of preparing realization account?

a.

All of the options

b.

To determine profit or loss due to the realization of assets and liabilities

c.

To record transactions relating to the sale of assets and discharge of liabilities

d.

To close all the books of account

___________________________________________________________________________________________

From the choices given below, identify which one do not form a part in admission or retirement of a partner?

a.

Gaining ratio

b.

Revaluation account

c.

Adjustment of goodwill

d.

Realization of assets