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What do you mean by dissolution …

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What do you mean by dissolution a partnership firm

Posted by Sofia Khan 3 years, 5 months ago

ICSE & ISC > Class 12 > Accountancy

1 answers

Yogita Ingle 3 years, 5 months ago

Dissolution of a firm: As per Indian Partnership Act, 1932: “Dissolution firm means termination of partnership among all the partners of the firm”

When a firm is dissolved, the business of the firm terminates. All the assets the firm are disposed off and all outsiders’ liabilities and partners’ loan and partner capital are paid.

Dissolution of Partnership: Dissolution of Partnership refers to terminal of old partnership agreement (i.e., Partnership Deep) and a reconstruction the firm.

It may take place on

· Change in profit sharing ratio among the existing partner:

· Admission of a partner; and

· Retirement of Death of partner.

It may or may not result into closing down of the business as the remount partners may decide to carry on the business under a new agreement.

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