ReViSense.AI
Chapter 4 · Part 1

Dissolution of Partnership Firm

Winding up the firm — realisation, settling liabilities & final settlement.

42
Concepts
1
Formulae
16 min
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Learning objectives

  • 1Explain learning Objectives
  • 2Explain dissolution of Partnership vs. Dissolution of Firm
  • 3Explain modes of Dissolution of a Partnership
  • 4Explain a. Dissolution of Partnership (Does Not Close the Firm)
  • 5Explain modes of Dissolution of a Firm
  • 6Explain a. Dissolution by Agreement

Your learning path

Introduction
Learning Objectives
2. Dissolution of Partnership vs. Dissolution of Firm
3. Modes of Dissolution of a Partnership
A. Dissolution of Partnership (Does Not Close the Firm)
4. Modes of Dissolution of a Firm
A. Dissolution by Agreement
B. Compulsory Dissolution
C. On Happening of Contingencies
Worked Example
Summary
Quiz
Revision
Follow the full path

Key terms

AmountTotalJournal EntryRealisation Accountdissolution of partnershipDebitCreditInsolvencyBank Accountcapital ratioCapital AccountRealisation A/cDissolution of FirmCompletion of ventureGarner vs. Murray RuleDebited to Realisation Account

Connected chapters

Accounting for Partnership — Basic Conceptsshares: Capital AccountReconstitution of a Partnership Firm – Admission of a Partnershares: Total, Journal EntryReconstitution of a Partnership Firm – Retirement/Death of a Partnershares: Amount, Total, Journal Entry, DebitAccounting for Share Capitalshares: Journal EntryIssue and Redemption of Debenturesshares: Journal Entry, Aspect
42Concepts
1Formulae
16Minutes
PreviousReconstitution of a Partnership Firm – Retirement/Death of a PartnerNextAccounting for Share Capital