NCERT Class 12 Accountancy Dissolution of Partnership Firm

Read and download NCERT Class 12 Accountancy Dissolution of Partnership Firm in NCERT book for Class 12 Accountancy. You can download latest NCERT eBooks chapter wise in PDF format free from Studiestoday.com. This Accountancy textbook for Class 12 is designed by NCERT and is very useful for students. Please also refer to the NCERT solutions for Class 12 Accountancy to understand the answers of the exercise questions given at the end of this chapter

NCERT Book for Class 12 Accountancy Part 1 Chapter 5 Dissolution of Partnership Firm

Class 12 Accountancy students should refer to the following NCERT Book Part 1 Chapter 5 Dissolution of Partnership Firm in Class 12. This NCERT Book for Class 12 Accountancy will be very useful for exams and help you to score good marks

Part 1 Chapter 5 Dissolution of Partnership Firm NCERT Book Class 12

 

Dissolution of Partnership Firm

You have learnt about the reconstitution of a partnership firm which takes place on account of admission, retirement or death of a partner. In such a situation while the existing partnership is dissolved, the firm may continue under the same name if the partners so decide. In other words, it results in the dissolution of a partnership but not that of the firm.According to Section 39 of the partnership Act 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm. That means the Act recognises the difference in the  breaking of relationship between all the partners of a firm and between some of the partners; and it is the breaking or discontinuance of relationship between all the partners which is termed as the dissolution of partnership firm. This brings an end to the existence of firm, and no business is transacted after dissolution except the activities related to closing of the firm as the affairs of the firm are to be wound up by selling firm’s assets and paying its liabilities and discharging the claims of the partners.

5.1 Dissolution of Partnership

As stated earlier dissolution of partnership changes the existing relationship between partners but the firm may continue its business as before. The dissolution of partnership may take place in any of the following ways:

(1) Change in existing profit sharing ratio among partners;

(2) Admission of a new partner;

(3) Retirement of a partner;

(4) Death of a partner;

(5) Insolvency of a partner;

(6) Completion of the venture, if partnership is formed for that; and

(7) Expiry of the period of partnership, if partnership is for a specific period of time;

5.2 Dissolution of a firm

Dissolution of a partnership firm may take place without the intervention of court or by the order of a court, in any of the ways specified later in this section. It may be noted that dissolution of the firm necessarily brings in dissolution of the partnership.

Dissolution of a firm takes place in any of the following ways:

1. Dissolution by Agreement: A firm is dissolved :

(a) with the consent of all the partners or

(b) in accordance with a contract between the partners.

2. Compulsory Dissolution: A firm is dissolved compulsorily in the following cases:

(a) when all the partners or all but one partner, become insolvent, rendering them incompetent to sign a contract;

(b) when the business of the firm becomes illegal; or

(c) when some event has taken place which makes it unlawful for the partners to carry on the business of the firm in partnership, e.g., when a partner who is a citizen of a country becomes an alien enemy because of the declaration of war with his country and India.

3. On the happening of certain contingencies: Subject to contract between the partners, a firm is dissolved :

(a) if constituted for a fixed term, by the expiry of that term;

(b) if constituted to carry out one or more ventures, by the completion thereof;

(c) by the death of a partner;

(d) by the adjudication of a partner as an insolvent.

4. Dissolution by Notice: In case of partnership at will, the firm may be dissolved if any one of the partners gives a notice in writing to the other partners, signifying his intention of seeking dissolution of the firm.

5. Dissolution by Court: At the suit of a partner, the court may order a partnership firm to be dissolved on any of the following grounds:

(a) when a partner becomes insane;

(b) when a partner becomes permanently incapable of performing his duties as a partner;

(c) when a partner is guilty of misconduct which is likely to adversely affect the business of the firm;

(d) when a partner persistently commits breach of partnership agreement;

(e) when a partner has transferred the whole of his interest in the firm to a third party;

(f) when the business of the firm cannot be carried on except at a loss; or

(g) when, on any ground, the court regards dissolution to be just and equitable.


Please refer to attached file for NCERT Class 12 Accountancy Dissolution of Partnership Firm

Computerised Accounting System Chapter 01 Overview Of Computerised Accounting System
NCERT Class 12 Accountancy Computerised Accounting System Overview
Computerised Accounting System Chapter 02 Spreadsheet
NCERT Class 12 Accountancy Computerised Accounting Spreadsheet
Computerised Accounting System Chapter 03 Use Of Spreadsheet In Business Applications
NCERT Class 12 Accountancy Computerised Accounting Use Of Spreadsheet In Business Applications
Computerised Accounting System Chapter 04 Graphs and Charts For Business Data
NCERT Class 12 Accountancy Computerised Accounting Graphs and Charts For Business Data
Computerised Accounting System Chapter 05 Data Base Management System For Accounting
NCERT Class 12 Accountancy Computerised Accounting Spreadsheet Data Base Management System
Part 1 Chapter 01 Accounting for Not for Profit Organisation
NCERT Class 12 Accountancy Accounting For Not for Profit Organisation
Part 1 Chapter 02 Accounting for Partnership Basic Concepts
NCERT Class 12 Accountancy Accounting for Partnership Basic Concepts
Part 1 Chapter 03 Reconstitution of a Partnership Firm Admission of a Partner
NCERT Class 12 Accountancy Reconstitution of a Partnership Firm Admission of a Partner
Part 1 Chapter 04 Reconstitution of a Partnership Firm Retirement/Death of a Partner
NCERT Class 12 Accountancy Reconstitution of a Partnership Firm Retirement Death of a Partner
Part 1 Chapter 05 Dissolution of Partnership Firm
NCERT Class 12 Accountancy Dissolution of Partnership Firm
Part 2 Chapter 01 Accounting for Share Capital
NCERT Class 12 Accountancy Accounting for Share Capital
Part 2 Chapter 02 Issue and Redemption of Debentures
NCERT Class 12 Accountancy Issue and Redemption of Debentures
Part 2 Chapter 03 Financial Statements Of a Company
NCERT Class 12 Accountancy Financial Statements of a Company
Part 2 Chapter 04 Analysis of Financial Statements
NCERT Class 12 Accountancy Part 1 Analysis of Financial Statements
Part 2 Chapter 05 Accounting Ratios
NCERT Class 12 Accountancy Accounting Ratios
Part 2 Chapter 06 Cash Flow Statement
NCERT Class 12 Accountancy Cash Flow Statement

Accountancy NCERT Book Class 12 Part 1 Chapter 5 Dissolution of Partnership Firm

The above NCERT Books for Class 12 Accountancy Part 1 Chapter 5 Dissolution of Partnership Firm have been published by NCERT for latest academic session. The textbook by NCERT for Part 1 Chapter 5 Dissolution of Partnership Firm Accountancy Class 12 is being used by various schools and almost all education boards in India. Teachers have always recommended students to refer to Part 1 Chapter 5 Dissolution of Partnership Firm NCERT etextbooks as the exams for Class 12 Accountancy are always asked as per the syllabus defined in these ebooks. These Class 12 Part 1 Chapter 5 Dissolution of Partnership Firm book for Accountancy also includes collection of question. We have also provided NCERT solutions for Class 12 Accountancy which have been developed by teachers of StudiesToday.com after thorough review of the latest book and based on pattern of questions in upcoming exams for Class 12 students.

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