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An account used to record the disposal of an asset or assets and to determine the profit or loss on the disposal. The principle of realization accounts are that they are debited with the book value of the asset and credited with the sale price of the asset. Any balance therefore represents the profit or loss on disposal.

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Q: What is realization account?
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Related questions

What is realisation account?

When company goes to liquidation process then realization account is created which is a temporary account and all assets and lialibilities are realized through this account and after realization there may be surplus or defeciancy in realization account.


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