Password try for Dissolution of partnership

 Dissolution of the partnership firm:-

When the business of the firm is closed down and the firm comes to an end, it is termed as Dissolution of the partnership firm

 

Complete Shutdown of the business

Dissolution of the Partnership Firm & Dissolution of the Partnership

1)  Change in PSR

A:B:C         3:2:1(old Ratio)

New Ratio (1:1:1)

2)  Admission of the partner

A:B       3:2

They admit c for ¼ share                                     

 

3)  Retirement of the partner

A:B:C         3:2:1(old Ratio)

Now B retire and new ratio

between A and C is 1:1

Account to be prepared in dissolution

1.             Realisation account

2.             Partner's capital account

3.             Bank account

 

                                                       Realization A/c

Particulars	Amount	Particulars	Amount
To Sundry assets:   Debtor (Gross)             XXX   B/R                               XXX   Stock                            XXX   Goodwill                       XXX	XXX	By Sundry liability:   Provision for d/d   XXX   Creditors               XXX   B/P                        XXX   Any relative loan  XXX   Outside loan          XXX	XXX
To Bank (Liability) paid	XXX	By Bank (asset realized)	XXX
To Concerned partner capital a/c (Any liability paid by partner)	XXX	By Concerned partner capital account (Any assets taken by partner)	XXX
To Bank (Realization expenses)	XXX	By Loss transferred to Partner's capital a/c:   A                               XXX   B                               XXX   C                               XXX	XXX
To Profit transferred to Partner's capital a/c/current a/c ;   A                               XXX   B                               XXX   C                               XXX	XXX
	XXX		XXX

                                       Partner’s Capital A/c

Particulars	A	B	Particulars	A	B
To profit & loss ( given in the B/S asset ) ToAdvertisement suspense a/c To realisation (loss) To Assets taken by any partner. To bank /cash a/c	XXX   XXX   XXX XXX   XXX	XXX   XXX   XXX XXX   XXX	By Balance b/d By General reserve By Realisation (profit)  By Liabilities taken by any partner By bank/cash a/c By profit &loss (given in the B/S - liability	XXX XXX XXX   XXX XXX XXX	XXX XXX XXX   XXX XXX XXX
	XXX	XXX		XXX	XXX

                                            Cash / Bank A/c

Particulars	Amt.	Particulars	Amt.
To Balance b/d To Realization (Assets sold) To Any Partner’s capital a/c (Cash brought in by partner having Dr. Balance)	XXX XXX   XXX	By Concerned Partner's capital a/c (final payment made to partners) By Realization (Liabilities paid) By Partner’s loan a/c	XXX XXX XXX
	XXX		XXX

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Dissolution of Partnership Firm , T.S.Grewal -12

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Death of the partner , T.S.Grewal 12

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