Check sibling questions

Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ based on:

(i) Settlement of assets and liabilities

(ii) Economic relationship

 

Answer

        BASIS OF DISTINCTION     DISSOLUTION OF PARTNERSHIP                DISSOLUTION OF PARTNERSHIP FIRM
Settlement of Assets and Liabilities Assets are revalued and liabilities are reassessed

Assets are sold and Liabilities are paid off

The balance if any, is distributed among all the partners

Economic relationship Economic relationship between the partners ends Economic relationship between the partners changes

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Transcript

Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ based on: (i) Settlement of assets and liabilities (ii) Economic relationship Answer BASIS OF DISTINCTION DISSOLUTION OF PARTNERSHIP DISSOLUTION OF PARTNERSHIP FIRM Settlement of Assets and Liabilities Assets are revalued and liabilities are reassessed Assets are sold and Liabilities are paid off The balance if any, is distributed among all the partners Economic relationship Economic relationship between the partners ends Economic relationship between the partners changes

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Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.