Question

what account record is made on dissolution of partnership​

Answer 1

Answer:

The balance is paid to partners whose capital accounts show a credit balance and the following entry is recorded. It may be noted that the aggregate amount finally payable to the partners must equal to the amount available in bank and cash accounts. Thus, all accounts of a firm are closed in case of dissolution.

Answer 2

The balance is paid to partners whose capital accounts show a credit balance and the following entry is recorded. It may be noted that the aggregate amount finally payable to the partners must equal to the amount available in bank and cash accounts. Thus, all accounts of a firm are closed in case of dissolution. 1.

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