Explain dissolution of a firm by (i) Agreement and (ii) Notice

Question

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Answer 1

(i) Dissolution by Agreement:-
It means that the firm is dissolved due to a mutual agreement between the partners. A firm may be dissolved if all the partners agree on it or if there is a clause for the dissolution in the partnership agreement drafted by the partners.
(ii) Dissolution by Notice:-
A partnership at will can be dissolved when a partner gives notice, in writing, to all the other partners about his/her intentions about the dissolution of the firm.

Answer 2

(i) Dissolution by Agreement:-

It means that the firm is dissolved due to a mutual agreement between the partners. A firm may be dissolved if all the partners agree on it or if there is a clause for the dissolution in the partnership agreement drafted by the partners.

(ii) Dissolution by Notice:-

A partnership at will can be dissolved when a partner gives notice, in writing, to all the other partners about his/her intentions about the dissolution of the firm.

Explain dissolution of a firm by (i) Agreement and (ii) Notice

A partner gave a loan of Rs.20,000 to the firm. At the time of dissolution of the firm the net losses of the firm were 30,000. How much money will the partner get on dissolution?

On the dissolution of a firm, loan from the wife of a partner is treated as ____________.

Dissolution of partnership means :

Dissolution of partnership between all the partners of the firm is called __________.