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CBSE Grade 12 Accounting Fundamentals
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Module 5
Dissolution of a Partnership Firm
1
Dissolution: Partnership vs. Firm
Distinguish between the dissolution of a partnership and the dissolution of a partnership firm.
2
Realization Account Preparation
Prepare a Realization Account by recording the transfer, sale, and settlement of all assets and liabilities.
3
Discharging Liabilities: Recording and Realization
Account for the discharge of liabilities, including unrecorded liabilities and realization expenses.
4
Realization: Profit/Loss Distribution
Calculate and distribute the final profit or loss on realization among all partners.
5
Partners' Capital Accounts: Final Settlement
Prepare Partners' Capital Accounts to ascertain the final settlement (payment or receipt).
6
Finalizing Bank/Cash Accounts for Firm Closure
Prepare a final Bank/Cash Account to verify the closure of the firm's books.
Previous module
Retirement and Death of a Partner
Next module
Issue of Share Capital