“CUET Accounts Notes by Artham Resources: Chapter 7 – Dissolution of a Partnership Firm. Explores the procedures and accounting treatment involved in ending a partnership, including settlement of liabilities and distribution of assets.”
Content of Chapter 7 – Dissolution of a Partnership Firm:
- Introduction to Dissolution of Partnership
- Modes of Dissolution: by Agreement, by Notice, and by Court
- Settlement of Liabilities: Payment of Creditors, Adjustment of Partners’ Capital, and Realization of Assets
- Distribution of Assets: Cash, Non-cash Assets, and Treatment of Partners’ Loans
- Accounting Entries for Dissolution: Closing Entries, Revaluation of Assets and Liabilities, and Realization Account
- Preparation of Realization and Revaluation Account
- Treatment of Deficiency or Surplus upon Dissolution
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