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4 cards from this section. Quick, good the night before a test.
What is dissolution in the context of a partnership?
Think about whether the business continues or not.
Name one mode of dissolution of a partnership.
Consider how partners might decide to end their business.
What happens during the dissolution of a partnership?
Focus on whether the partnership continues.
True or False: A dissolution can occur by mutual agreement.
Consider if partners can independently choose to end the firm.
Part A: A partnership firm consisting of four partners decides to dissolve. They have assets of ₹80,000 and liabilities of ₹30,000. Calculate the capital amount distributed to the partners if there are no other considerations.
Focus first on calculating the surplus, and then divide it by the number of partners.
Part B: If the partners owe ₹5,000 to a loan and decide to pay it off before distributing their capital among themselves, how does this affect the surplus?
Always settle debts first to know how much can be shared later.
6 more questions in this section. Enroll free to practise them all.
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