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NCERT Solutions for Class 12 Accountancy Chapter 5 - Dissolution of Partnership Firm

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Class 12 Accountancy NCERT Solutions Chapter 5 - Dissolution of Partnership Firm

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NCERT Solutions for Class 12 Accountancy Part 1 Chapter 5 Solutions are an incredible resource while preparing for Class 12 accounts Partnership Accounts Chapter 5. This examination material designed by Vedantu provides detailed information and solutions. These are provided by the topic experts. NCERT Solutions for Class 12 Accountancy Partnership Accounts Chapter 5 provides us with comprehensive information related to the chapter. Dissolution of Partnership Firm Class 12 solutions is an extraordinary way to clear any doubts regarding the subject.

NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm part-1
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FAQ (Frequently Asked Questions)

Q1. What is the Order Settlement of Accounts on Dissolution?

Ans:  The order settlement of accounts includes:

  • Taking care of outer cost and liabilities.

  • Advances that are owed to accomplices ought to be cleared.

  • Capitals of the apparent multitude of accomplices must be paid off.

  • Any sum that stays after taking care of all of these things must be circulated among accomplices of the loose firm in their unique benefit-sharing proportion.

If there should be an occurrence of misfortune and capital lack, the accompanying must be paid in a specific order:

  1. Change misfortune and capital insufficiency against benefits of the firm.

  2. Change against the absolute capital of the firm.

  3. If any misfortune is available after all the changes, the following strategy will be to manage the misfortune according to singular benefit-sharing proportion.

Q2. What is a Realisation Account?

Ans: When a firm is broken down, it brings about shutting considering all the things. Resources are auctioned off and liabilities are paid off. To keep up a record of every such action, an ostensible record is prepared which is called a Realisation Account. Its primary objective is to decide the benefit or misfortune that occurs because of settling off resources and liabilities. Whether this activity brings about benefit or misfortune, it gets moved to the Partners' Capital Account with their unique benefit-sharing proportion.