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Distinguish Between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm' on the Basis of Settlement of Assets and Liabilities. - Accountancy

Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of settlement of assets and liabilities.

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Solution

Basis Dissolution of partnership Dissolution of firm
Settlements of Assets
and Liabilities
Assets and Liabilities are revalued and the gain or loss is distributed to all partners in old ratio. Assets of the firm are realized and liabilities are settled. Balance amount,
if any is distributed among all partners.

 

Concept: Dissolution of Partnership Firm
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