What is the treatment of provisions against assets on dissolution of a firm? Post category:Accountancy Reading time:1 mins read SOLUTION Provisions against assets are credited to Realisation A/c. Please Share This Share this content Opens in a new window Twitter Opens in a new window Facebook Opens in a new window Google+ Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostAt which value the assets against which provisions exist are transferred to Realisation Account? Next PostWhat entry is passed when an asset is given to a Creditor in full settlement of his dues? You Might Also Like P, Q and R were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They agreed to dissolve their partnership firm on 31st March, 2019. P was deputed to realise the assets and pay the liabilities. He was paid Rs. 1,000 as commission for his services. The financial position of the firm was: July 26, 2022 Sushil and Satish are partners in a firm sharing profits in the ratio of 3: 2. Their Balance Sheet as at 31st March, 2021 was as follows: November 3, 2022 What is meant by redemption of debentures out of Profits? September 30, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.