Accountancy, asked by deepakagrawal4742, 5 months ago

X's loan was appearing on the liabilities side of Balance Sheet at 40,000. He
accepted an unrecorded asset of 60,000 in full settlement of his account

Answers

Answered by Chitranshtiwari64

add 40000and 60000 thousand equal to 1 lakh that is the settlement of his account

Answered by perwezakhtar2382

Answer:

Dissolution means discontinuance of existing relationship among the partners. According to Indian Partnership Act, 1932, dissolution may be either of partnership or of a firm.

2.Dissolution of Partnership It changes the existing relationship between partners but the firm may continue its business as before.

3.Dissolution of Partnership Firm Dissolution of firm means dissolution of partnership among all the partners in the firm. In this case, business of the firm also comes to an end

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