{"id":43695,"date":"2023-02-02T10:00:54","date_gmt":"2023-02-02T04:30:54","guid":{"rendered":"https:\/\/www.aplustopper.com\/?p=43695"},"modified":"2023-02-03T10:03:43","modified_gmt":"2023-02-03T04:33:43","slug":"plus-two-accountancy-notes-chapter-5","status":"publish","type":"post","link":"https:\/\/www.aplustopper.com\/plus-two-accountancy-notes-chapter-5\/","title":{"rendered":"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership"},"content":{"rendered":"<h2>Kerala Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership<\/h2>\n<p><span style=\"color: #0000ff;\">Summary<\/span><br \/>\n<span style=\"color: #0000ff;\">Dissolution of Partnership Firm<\/span><br \/>\nWhen the partnership between all the partners of a firm comes to an end it is called dissolution of partnership firm. When the firm is dissolved, it leads to the closure of the business &#8211; firm&#8217;s book of accounts are closed, assets of the firm realised, liabilities are paid off and whatever remains is paid to the partners in settlement oftheir accounts.<\/p>\n<p><span style=\"color: #0000ff;\">Dissolution of Partnership<\/span><br \/>\nWhen the relation of partnership among different partners changes without affecting the entity of the firm, it is called dissolution of partnership. Dissolution of partnership takes place in the case of admission, retirement, death etc. This does not necessarily involve dissolution of partnership firm.<\/p>\n<p><span style=\"color: #0000ff;\">Modes of dissolution of firm<\/span><\/p>\n<ol>\n<li>Dissolution by agreement<\/li>\n<li>Compulsary dissolution<\/li>\n<li>Dissolution on the happening of certain contingencies.<\/li>\n<li>Dissolution by notice<\/li>\n<li>Dissolution by court<\/li>\n<\/ol>\n<p><span style=\"color: #0000ff;\">Accounting treatment<\/span><br \/>\nThe following accounts are prepared on dissolution.<\/p>\n<p><span style=\"color: #0000ff;\">Realisation account<\/span><br \/>\nRealisation account is a nominal account prepared for the purpose of closing the accounts of assets and liabilities and for finding out the profit or loss on realisation of assets and payment of liabilities. The profit or loss on realisation is transferred to partners&#8217; capital accounts in their profit sharing ratio.<\/p>\n<p><span style=\"color: #0000ff;\">Capital accounts of partners<\/span><br \/>\nEach, partner\u2019s capital account is credited with accumulated profit and realisation profit, if any, and debited with accumulated loss and realisation loss. After making any other adjustments, as per agreement, the balance in the capital account represents the amount due to or due from each partner. Partners\u2019 capital accounts are closed by paying off orbringing in cash, as the case may be.<\/p>\n<p><span style=\"color: #0000ff;\">Cash\/Bank account<\/span><br \/>\nAfter entering the cash realised from assets and paying towards liabilities and realisation expenses the balance in this account equals the balance in the capital accounts of all partners. When settlement is made cash\/bank account and partners&#8217; capital accounts wil automatically be closed.<\/p>\n<p>Journal entries usually passed at the time of dissolution of a partnership firm are the following<br \/>\n1. For closing the accounts of assets and transferring the same to realisation account.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75683\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-1.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 1\" width=\"324\" height=\"45\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-1.jpg 324w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-1-300x42.jpg 300w\" sizes=\"(max-width: 324px) 100vw, 324px\" \/><\/p>\n<p>2. For closing the accounts of liabilities and transferring to realisation account.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75684\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-2.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 2\" width=\"327\" height=\"44\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-2.jpg 327w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-2-300x40.jpg 300w\" sizes=\"(max-width: 327px) 100vw, 327px\" \/><\/p>\n<p>3. For transferring provisions relating to assets if any<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75685\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-3.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 3\" width=\"326\" height=\"44\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-3.jpg 326w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-3-300x40.jpg 300w\" sizes=\"(max-width: 326px) 100vw, 326px\" \/><\/p>\n<p>4. For transferring provisions relating to liabilities<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75686\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-4.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 4\" width=\"323\" height=\"45\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-4.jpg 323w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-4-300x42.jpg 300w\" sizes=\"(max-width: 323px) 100vw, 323px\" \/><\/p>\n<p>5. (i) On realising or selling the assets<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75687\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-5.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 5\" width=\"302\" height=\"41\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-5.jpg 302w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-5-300x41.jpg 300w\" sizes=\"(max-width: 302px) 100vw, 302px\" \/><\/p>\n<p>(ii) If an asset is taken over by a partner<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75688\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-6.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 6\" width=\"310\" height=\"40\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-6.jpg 310w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-6-300x39.jpg 300w\" sizes=\"(max-width: 310px) 100vw, 310px\" \/><\/p>\n<p>6. (i) On paying the liabilities (external)<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75689\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-7.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 7\" width=\"307\" height=\"40\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-7.jpg 307w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-7-300x39.jpg 300w\" sizes=\"(max-width: 307px) 100vw, 307px\" \/><\/p>\n<p>(ii) If a partner agrees to discharge a liability<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75690\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-8.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 8\" width=\"301\" height=\"41\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-8.jpg 301w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-8-300x41.jpg 300w\" sizes=\"(max-width: 301px) 100vw, 301px\" \/><\/p>\n<p>7. (i) When realisation expense is met by the firm<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75691\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-9.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 9\" width=\"303\" height=\"39\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-9.jpg 303w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-9-300x39.jpg 300w\" sizes=\"(max-width: 303px) 100vw, 303px\" \/><\/p>\n<p>(ii) If realisation expense is paid by a partner Realisation a\/c<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75692\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-10.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 10\" width=\"302\" height=\"45\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-10.jpg 302w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-10-300x45.jpg 300w\" sizes=\"(max-width: 302px) 100vw, 302px\" \/><\/p>\n<p>8. (i) For the amount realized from new or unrecorded asset<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75693\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-11.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 11\" width=\"306\" height=\"45\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-11.jpg 306w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-11-300x44.jpg 300w\" sizes=\"(max-width: 306px) 100vw, 306px\" \/><\/p>\n<p>(ii) If an unrecorded or new asset is taken over by a partner<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75694\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-12.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 12\" width=\"308\" height=\"42\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-12.jpg 308w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-12-300x41.jpg 300w\" sizes=\"(max-width: 308px) 100vw, 308px\" \/><\/p>\n<p>9. (i) If any new or unrecorded liability is paid<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75695\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-13.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 13\" width=\"305\" height=\"43\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-13.jpg 305w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-13-300x42.jpg 300w\" sizes=\"(max-width: 305px) 100vw, 305px\" \/><\/p>\n<p>(ii) If any new or unrecorded liability is taken over by a partner<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75696\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-14.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 14\" width=\"302\" height=\"42\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-14.jpg 302w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-14-300x42.jpg 300w\" sizes=\"(max-width: 302px) 100vw, 302px\" \/><\/p>\n<p>10. For transferring realisation profit to partners\u2019 capital<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75697\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-15.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 15\" width=\"301\" height=\"45\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-15.jpg 301w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-15-300x45.jpg 300w\" sizes=\"(max-width: 301px) 100vw, 301px\" \/><\/p>\n<p>11. For transferring accumulated profits and reserves.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75698\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-16.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 16\" width=\"305\" height=\"46\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-16.jpg 305w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-16-300x45.jpg 300w\" sizes=\"(max-width: 305px) 100vw, 305px\" \/><\/p>\n<p>12. On discharge of loans to partners<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75699\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-17.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 17\" width=\"300\" height=\"44\" \/><\/p>\n<p>13. For cash brought in by a partner, if required so<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75700\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-18.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 18\" width=\"305\" height=\"42\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-18.jpg 305w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-18-300x41.jpg 300w\" sizes=\"(max-width: 305px) 100vw, 305px\" \/><\/p>\n<p>14. For cash paid off to a partner, as the case<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-75701\" src=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-19.jpg\" alt=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership 19\" width=\"301\" height=\"43\" srcset=\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-19.jpg 301w, https:\/\/www.aplustopper.com\/wp-content\/uploads\/2019\/06\/Plus-Two-Accountancy-Notes-Chapter-5-Dissolution-of-Partnership-19-300x43.jpg 300w\" sizes=\"(max-width: 301px) 100vw, 301px\" \/><\/p>\n<h4><a href=\"https:\/\/www.aplustopper.com\/plus-two-accountancy-notes\/\">Plus Two Accountancy Notes<\/a><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Kerala Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership Summary Dissolution of Partnership Firm When the partnership between all the partners of a firm comes to an end it is called dissolution of partnership firm. When the firm is dissolved, it leads to the closure of the business &#8211; firm&#8217;s book of accounts are [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[42728],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.8 (Yoast SEO v17.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership - A Plus Topper<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.aplustopper.com\/plus-two-accountancy-notes-chapter-5\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership\" \/>\n<meta property=\"og:description\" content=\"Kerala Plus Two Accountancy Notes Chapter 5 Dissolution of Partnership Summary Dissolution of Partnership Firm When the partnership between all the partners of a firm comes to an end it is called dissolution of partnership firm. 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