Dissolution of Partnership Firm Objectives

1. Debit balance of realisation account.
2. Winding up of partnership business
3. An account opened to find out the Profit and Loss on Sale of Assets and Settlement of Liabilities.
4. Debit balance of an Insolvent Partner’s Capital Account.
5. Credit balance in realisation account.
6. Conversion of assets into cash on dissolution of firm.
7. Liability likely to arise in future on happening of certain events.
8. Assets which are not recorded in the books of accounts.
9. The accounts which show realisation of assets and discharge of liabilities.
10. Expenses incurred on dissolution of a firm.
11. complete closure of partnership firm.

Answers:

1. Realisation loss
2. Dissolution of partnership
3. Realisation A/c
4. Capital Deficiency
5. Realisation Profit
6. Realisation
7. Contingent Liabilities
8. Unrecorded Assets
9. Realisation A/c
10. Dissolution / Realisation Expenses
11. Dissolution of Partnership.