Basics of Dissolution of Partnership Firm class 12 | Dissolution of Partnership | Accounts | Part-2

Understand the basics of Dissolution of Partnership Firm class 12 in this video. Dissolution of Partnership for Accounts students.
Dissolution of partnership and dissolution of the partnership firm are two different concepts. The dissolution of a partnership means a change of business relationship between partners whereas the dissolution of a firm means dissolving of the firm along with the relation between partners. In this case, all the assets and liabilities are settled and appropriately disposed.
There can be several reasons for the dissolution of a partnership, which are mentioned below:
Death of a partner.
Admission of a new partner.
Insolvency of an existing partner.
Early retirement of a partner.
Due to expiry of a partnership period after a certain time as mutually agreed upon by all partners.
Preparation of a realisation account is required to realise the value of all assets and pay off the outside liabilities. Any profit or loss on realisation is transferred to partners capital accounts in their profit sharing ratio.
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CA Manish Mahajan is a first class commerce graduate from Panjab University, having done his graduation in B.Com (Finance Hons.) from GGDSD College, Chandigarh. He qualified Chartered Accountancy course in 2010 and was placed in merit list (31st All India Rank in Final and 22nd All India Rank in Foundation). He possesses a vast experience of more than 18 Years in teaching Accountancy, Economics and Mathematics to the students of Classes +1 and+2 and also mentored the students of B.Com and CA. He has authored the books on Accountancy, Economics and Indirect Tax Laws. His unique lecture delivery and practical method of teaching, helps the student to easily grasp and remember the subject.
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