Accountancy, asked by christensonmurmu, 2 months ago

what is Dissolution of Partnership firm?​

Answers

Answered by LEGEND778
1

Answer:

Dissolution of Partnership firm

  • It means that the business is wound up and the firm is dissolved.
  • Business is discontinued, as the firm is dissolved.
  • Books of accounts are closed, as the business is discontinued.]
  • in this case, all the assets are sold off in order to pay the liabilities of the business.
  • Dissolution of a partnership firm may be done with the consent of the court.
  • It may be voluntary (as per the discretion of the partners) or compulsory (as per the order of the court).
  • It necessarily involves the dissolution of both the partnership as well as of the partnership firm.

Explanation:

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