NCERT Class 12 Books Accountancy Chapter 5- Dissolution of Partnership

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You may learn about Chapter 5 of the NCERT Accountancy Class 12 Books, "Dissolution of Partnership Firm," here. Additionally, you may find download links for the previous chapters.

Chapter 5—Dissolution of Partnership Goes Like This-

LEARNING OBJECTIVES

After studying this chapter you will be able to-

• State the meaning of dissolution of partnership firm
• Differentiate between dissolution of partnership and dissolution of a partnership firm
• Describe the various modes of dissolution of the partnership firm
• Explain the rules relating to the settlement of claims among all partners
• Prepare Realisation Account

You have learnt about the reconstitution of a partnership firm which takes place on account of admission, retirement or death of a partner. In such a situation while the existing partnership is dissolved, the firm may continue under the same name if the partners so decide. In other words, it results in the dissolution of a partnership but not that of the firm. According to Section 39 of the partnership Act 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm. That means the Act recognises the difference in the breaking of relationship between all the partners of a firm and between some of the partners; and it is the breaking or discontinuance of relationship between all the partners which is termed as the dissolution of partnership firm. This brings an end to the existence of firm, and no business is transacted after dissolution except the activities related to closing of the firm as the affairs of the firm are to be wound up by selling firm’s assets and paying its liabilities and discharging the claims of the partners.

5.1 Dissolution of Partnership

As stated earlier dissolution of partnership changes the existing relationship between partners but the firm may continue its business as before.

The dissolution of partnership may take place in any of the following ways-

1. Change in existing profit sharing ratio among partners
2. Admission of a new partner; Dissolution of Partnership Firm
3. Retirement of a partner
4. Death of a partner
5. Insolvency of a partner
6. Completion of the venture, if partnership is formed for thatt
7. Expiry of the period of partnership, if partnership is for a specific period of time

Some Glimpses of the Chapter are-

NCERT Class 12 Books Accountancy Chapter 5- Dissolution of Partnership Firm- PDF Download

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