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Class 12 Accuntancy Chapter 8 Dissolution of partnership firm Handwritten notes PDF free Download 2023
Dissolution of Partnership Firm
Dissolution of a partnership firm is the process through which it is dissolved and brought to an end. It is the termination of the existence of a partnership firm. In this article, we are going to discuss the dissolution of a partnership firm as per the provisions of the Indian Partnership Act, 1932.
Dissolution of a partnership firm can be classified into two types:
1. Compulsory Dissolution: Compulsory dissolution is the dissolution of a partnership firm due to any external force beyond the control of the partners. It happens when the partnership agreement is terminated due to any legal or statutory reasons. In this case, the firm has to be compulsorily dissolved.
2. Voluntary Dissolution: Voluntary dissolution is the dissolution of a partnership firm due to the mutual consent of the partners. In this case, the firm is dissolved when the partners decide to end the business.
The dissolution of partnership firm is a complex process and requires proper legal formalities to be followed. The most important step in the dissolution of the partnership firm is to prepare a dissolution deed. The dissolution deed contains all the details related to the dissolution of the firm, such as the date of dissolution, the reason for dissolution, the rights and liabilities of the partners, etc.
Apart from the dissolution deed, the partners should also prepare the final accounts of the firm and get them audited. The accounts should be closed and the assets of the firm should be distributed among the partners as per their shares.
Once the dissolution deed is prepared and the final accounts of the firm are audited, the partners should file the necessary returns with the Registrar of Firms. This is done to make the dissolution official and to notify the public about the dissolution of the firm.
We hope that this article has helped you understand the dissolution of partnership firm and its various aspects. For more information on this topic, you can download our free PDF on Class 12 Accountancy Chapter 8: Dissolution of Partnership Firm.
INDEX
Chapter 1- Financial statements of not for profit organisation
Chapter 2- Accounting for partnership firms fundamentals
Chapter 3- Goodwill nature and valuation
Chapter 4- Change in profit sharing ratio among the existing partners
Chapter 5- Admission of a partner
Chapter 6- Retirement of a partner
Chapter 7- Death of Partner
Chapter 8- Dissolution of partnership firm
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