The cash realized from the sale of asset on dissolution of partnership is?

A. debited to cash account and credit to asset account
B. credited to cash account and debited to asset account
C. debited to cash account and credited realisation account and credited to realisation account
D. credited to cash account and debited to realisation account
E. debited to realisation account abnd credited to asset account

Correct Answer:

Option C – debited to cash account and credited realisation account and credited to realisation account