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Page 1
ACCOUNTING
1.
200
10.200
LEARNING OUTCOMES
UNIT - 6: DISSOLUTION OF PARTNERSHIP FIRMS
AND LLP
After studying this unit, you would be able to:
? Go through the circumstances in which a partnership is dissolved.
? Understand that on the dissolution of a partnership all assets are sold
out and all liabilities are discharged. Learn the accounting technique
relating to the disposal of assets and payment of liabilities.
? Learn how to settle the partner's claims in case of surplus and how to
raise money from partners in case of a deficit.
? Deal with piecemeal distribution to partners of the amount realized
from assets net of liabilities.
? Winding up of a Limited Liability Partnership (LLP)
© The Institute of Chartered Accountants of India
Page 2
ACCOUNTING
1.
200
10.200
LEARNING OUTCOMES
UNIT - 6: DISSOLUTION OF PARTNERSHIP FIRMS
AND LLP
After studying this unit, you would be able to:
? Go through the circumstances in which a partnership is dissolved.
? Understand that on the dissolution of a partnership all assets are sold
out and all liabilities are discharged. Learn the accounting technique
relating to the disposal of assets and payment of liabilities.
? Learn how to settle the partner's claims in case of surplus and how to
raise money from partners in case of a deficit.
? Deal with piecemeal distribution to partners of the amount realized
from assets net of liabilities.
? Winding up of a Limited Liability Partnership (LLP)
© The Institute of Chartered Accountants of India
10.201
PARTNERSHIP AND LLP ACCOUNTS
Circumstances leading to Dissolution of Partnership
Methods of piecemeal distribution
where the firm is constituted for a
fixed term, on the expiry of that
term
where the firm is constituted to
carry out one or more adventures or
undertaking, then by completion
thereof
by the death of a partner, and
by the adjudication of a partner as
an insolvent.
Piecemeal distribution
involves either of two
methods
Maximum loss method
Highest relative capital
method
UNIT OVERVIEW
© The Institute of Chartered Accountants of India
Page 3
ACCOUNTING
1.
200
10.200
LEARNING OUTCOMES
UNIT - 6: DISSOLUTION OF PARTNERSHIP FIRMS
AND LLP
After studying this unit, you would be able to:
? Go through the circumstances in which a partnership is dissolved.
? Understand that on the dissolution of a partnership all assets are sold
out and all liabilities are discharged. Learn the accounting technique
relating to the disposal of assets and payment of liabilities.
? Learn how to settle the partner's claims in case of surplus and how to
raise money from partners in case of a deficit.
? Deal with piecemeal distribution to partners of the amount realized
from assets net of liabilities.
? Winding up of a Limited Liability Partnership (LLP)
© The Institute of Chartered Accountants of India
10.201
PARTNERSHIP AND LLP ACCOUNTS
Circumstances leading to Dissolution of Partnership
Methods of piecemeal distribution
where the firm is constituted for a
fixed term, on the expiry of that
term
where the firm is constituted to
carry out one or more adventures or
undertaking, then by completion
thereof
by the death of a partner, and
by the adjudication of a partner as
an insolvent.
Piecemeal distribution
involves either of two
methods
Maximum loss method
Highest relative capital
method
UNIT OVERVIEW
© The Institute of Chartered Accountants of India
ACCOUNTING
1.
202
10.202
6.1 INTRODUCTION
Apart from the readjustment of rights of partners in the share of profit by way of change in the
profit-sharing ratio and admission of a new partner or for retirement/death of a partner, another
important aspect of partnership accounts is how to close books of accounts in case of dissolution.
In this Unit, we will discuss the circumstances leading to the dissolution of a partnership firm and
accounting treatment necessary to close its books of accounts. Also, we will discuss the special
problems relating to the insolvency of partners and the settlement of the partnership's liabilities.
6.2 CIRCUMSTANCES LEADING TO DISSOLUTION OF
A partnership is dissolved or comes to an end on:
However, the partners or remaining partners (in case of death or insolvency) may continue to
do the business. In such a case there will be a new partnership but the firm will continue.
When the business comes to an end then only it will be said that the firm has been dissolved.
A firm stands dissolved in the following cases:
(a) the expiry of the term for which it was formed;
(b) completion of the venture for which it was entered into;
(c) death of a partner;
(d) insolvency of a partner.
A firm stands dissolved in the following cases:
(i) The partners
agree that the
firm should be
dissolved;
(ii) All partners
except one
become
insolvent;
(iii) The
business
becomes
illegal;
(iv) In case of
partnership at
will, a partner
gives notice of
dissolution;
and
(v) The court
orders
dissolution.
PARTNERSHIP
© The Institute of Chartered Accountants of India
Page 4
ACCOUNTING
1.
200
10.200
LEARNING OUTCOMES
UNIT - 6: DISSOLUTION OF PARTNERSHIP FIRMS
AND LLP
After studying this unit, you would be able to:
? Go through the circumstances in which a partnership is dissolved.
? Understand that on the dissolution of a partnership all assets are sold
out and all liabilities are discharged. Learn the accounting technique
relating to the disposal of assets and payment of liabilities.
? Learn how to settle the partner's claims in case of surplus and how to
raise money from partners in case of a deficit.
? Deal with piecemeal distribution to partners of the amount realized
from assets net of liabilities.
? Winding up of a Limited Liability Partnership (LLP)
© The Institute of Chartered Accountants of India
10.201
PARTNERSHIP AND LLP ACCOUNTS
Circumstances leading to Dissolution of Partnership
Methods of piecemeal distribution
where the firm is constituted for a
fixed term, on the expiry of that
term
where the firm is constituted to
carry out one or more adventures or
undertaking, then by completion
thereof
by the death of a partner, and
by the adjudication of a partner as
an insolvent.
Piecemeal distribution
involves either of two
methods
Maximum loss method
Highest relative capital
method
UNIT OVERVIEW
© The Institute of Chartered Accountants of India
ACCOUNTING
1.
202
10.202
6.1 INTRODUCTION
Apart from the readjustment of rights of partners in the share of profit by way of change in the
profit-sharing ratio and admission of a new partner or for retirement/death of a partner, another
important aspect of partnership accounts is how to close books of accounts in case of dissolution.
In this Unit, we will discuss the circumstances leading to the dissolution of a partnership firm and
accounting treatment necessary to close its books of accounts. Also, we will discuss the special
problems relating to the insolvency of partners and the settlement of the partnership's liabilities.
6.2 CIRCUMSTANCES LEADING TO DISSOLUTION OF
A partnership is dissolved or comes to an end on:
However, the partners or remaining partners (in case of death or insolvency) may continue to
do the business. In such a case there will be a new partnership but the firm will continue.
When the business comes to an end then only it will be said that the firm has been dissolved.
A firm stands dissolved in the following cases:
(a) the expiry of the term for which it was formed;
(b) completion of the venture for which it was entered into;
(c) death of a partner;
(d) insolvency of a partner.
A firm stands dissolved in the following cases:
(i) The partners
agree that the
firm should be
dissolved;
(ii) All partners
except one
become
insolvent;
(iii) The
business
becomes
illegal;
(iv) In case of
partnership at
will, a partner
gives notice of
dissolution;
and
(v) The court
orders
dissolution.
PARTNERSHIP
© The Institute of Chartered Accountants of India
10.203
PARTNERSHIP AND LLP ACCOUNTS
6.3 CONSEQUENCES OF DISSOLUTION
On the dissolution of a partnership, firstly, the assets of the firm, including goodwill, are
realized. Then the amount realized, is applied first towards repayment of liabilities to outsiders
and loans taken from partners; afterwards, the capital contributed by partners is repaid and,
if there is still a surplus, it is distributed among the partners in their profit-sharing ratio.
Conversely, after payment of liabilities of the firm and repayment of loans from partners, if
the assets of the firm leftover are insufficient to repay in full the capital contributed by each
partner, the deficiency is borne by the partners in their profit-sharing ratio.
According to the provisions contained in section 48 of the Partnership Act, upon dissolution
of the partnership, the mutual rights of the partners, unless otherwise agreed upon, are settled
in the following manner:
(a) Losses including deficiencies of capital are paid, first out of profits, next out of capital,
and, lastly, if necessary, by the partners individually in the proportion in which they are
entitled to share profits.
(b) The assets of the firm, including any sums contributed by the partners to make up
deficiencies of capital have to be applied in the following manner and order:
(i) in paying the debts of the firm to third parties;
(ii) in paying to each partner rateably what is due to him from the firm in respect
of advances as distinguished from capital;
(iii) in paying to each partner what is due to him on account of capital; and
The court has the option
to order dissolution of a
firm in the following
circumstances :
(a) Where a partner has become of unsound mind;
(b) Where a partner suffers from permanent incapacity;
(c) Where a partner is guilty of misconduct of the business;
(d) Where a partner persistently disregards the partnership
agreement; agreement;
(e) Where a partner transfers his interest or share to a third
party; party;
(f) Where the business cannot be carried on except at a loss;
and and
(g) Where it appears to be just and equitable.
© The Institute of Chartered Accountants of India
Page 5
ACCOUNTING
1.
200
10.200
LEARNING OUTCOMES
UNIT - 6: DISSOLUTION OF PARTNERSHIP FIRMS
AND LLP
After studying this unit, you would be able to:
? Go through the circumstances in which a partnership is dissolved.
? Understand that on the dissolution of a partnership all assets are sold
out and all liabilities are discharged. Learn the accounting technique
relating to the disposal of assets and payment of liabilities.
? Learn how to settle the partner's claims in case of surplus and how to
raise money from partners in case of a deficit.
? Deal with piecemeal distribution to partners of the amount realized
from assets net of liabilities.
? Winding up of a Limited Liability Partnership (LLP)
© The Institute of Chartered Accountants of India
10.201
PARTNERSHIP AND LLP ACCOUNTS
Circumstances leading to Dissolution of Partnership
Methods of piecemeal distribution
where the firm is constituted for a
fixed term, on the expiry of that
term
where the firm is constituted to
carry out one or more adventures or
undertaking, then by completion
thereof
by the death of a partner, and
by the adjudication of a partner as
an insolvent.
Piecemeal distribution
involves either of two
methods
Maximum loss method
Highest relative capital
method
UNIT OVERVIEW
© The Institute of Chartered Accountants of India
ACCOUNTING
1.
202
10.202
6.1 INTRODUCTION
Apart from the readjustment of rights of partners in the share of profit by way of change in the
profit-sharing ratio and admission of a new partner or for retirement/death of a partner, another
important aspect of partnership accounts is how to close books of accounts in case of dissolution.
In this Unit, we will discuss the circumstances leading to the dissolution of a partnership firm and
accounting treatment necessary to close its books of accounts. Also, we will discuss the special
problems relating to the insolvency of partners and the settlement of the partnership's liabilities.
6.2 CIRCUMSTANCES LEADING TO DISSOLUTION OF
A partnership is dissolved or comes to an end on:
However, the partners or remaining partners (in case of death or insolvency) may continue to
do the business. In such a case there will be a new partnership but the firm will continue.
When the business comes to an end then only it will be said that the firm has been dissolved.
A firm stands dissolved in the following cases:
(a) the expiry of the term for which it was formed;
(b) completion of the venture for which it was entered into;
(c) death of a partner;
(d) insolvency of a partner.
A firm stands dissolved in the following cases:
(i) The partners
agree that the
firm should be
dissolved;
(ii) All partners
except one
become
insolvent;
(iii) The
business
becomes
illegal;
(iv) In case of
partnership at
will, a partner
gives notice of
dissolution;
and
(v) The court
orders
dissolution.
PARTNERSHIP
© The Institute of Chartered Accountants of India
10.203
PARTNERSHIP AND LLP ACCOUNTS
6.3 CONSEQUENCES OF DISSOLUTION
On the dissolution of a partnership, firstly, the assets of the firm, including goodwill, are
realized. Then the amount realized, is applied first towards repayment of liabilities to outsiders
and loans taken from partners; afterwards, the capital contributed by partners is repaid and,
if there is still a surplus, it is distributed among the partners in their profit-sharing ratio.
Conversely, after payment of liabilities of the firm and repayment of loans from partners, if
the assets of the firm leftover are insufficient to repay in full the capital contributed by each
partner, the deficiency is borne by the partners in their profit-sharing ratio.
According to the provisions contained in section 48 of the Partnership Act, upon dissolution
of the partnership, the mutual rights of the partners, unless otherwise agreed upon, are settled
in the following manner:
(a) Losses including deficiencies of capital are paid, first out of profits, next out of capital,
and, lastly, if necessary, by the partners individually in the proportion in which they are
entitled to share profits.
(b) The assets of the firm, including any sums contributed by the partners to make up
deficiencies of capital have to be applied in the following manner and order:
(i) in paying the debts of the firm to third parties;
(ii) in paying to each partner rateably what is due to him from the firm in respect
of advances as distinguished from capital;
(iii) in paying to each partner what is due to him on account of capital; and
The court has the option
to order dissolution of a
firm in the following
circumstances :
(a) Where a partner has become of unsound mind;
(b) Where a partner suffers from permanent incapacity;
(c) Where a partner is guilty of misconduct of the business;
(d) Where a partner persistently disregards the partnership
agreement; agreement;
(e) Where a partner transfers his interest or share to a third
party; party;
(f) Where the business cannot be carried on except at a loss;
and and
(g) Where it appears to be just and equitable.
© The Institute of Chartered Accountants of India
ACCOUNTING
1.
204
10.204
(iv) the residue, if any, to be divided among the partners in the proportion in which
they are entitled to share profits.
Distinction between Dissolution of Partnership and Dissolution of Partnership Firm
Dissolution of Partnership Dissolution of Partnership Firm
Dissolution of a partnership refers to the
discontinuance of the relation between the
partners of the firm.
Dissolution of the firm implies that the
entire firm ceases to exist, including the
relation among all the partners.
There can be change in profit sharing ratio or
admission/death/retirement of a partner.
Dissolution of partnership firm occurs.
In event of dissolution of the partnership, the
business continues as usual, but the
partnership is reconstituted.
In event of the dissolution of the firm, the
business ceases to end.
There is no intervention by the court. Court has the inherent power to intervene.
By its order, a firm can be dissolved.
Economic relationships among partners may
remain same or change.
Economic relationship among partners
comes to an end.
Assets and liabilities are revalued. New
balance sheet is prepared.
Assets are sold and realized. Liabilities are
paid off.
Revaluation account is prepared. Realization account is prepared.
Assets and liabilities are revalued after
winding up of the existing partnership.
Assets and liabilities are settled on
winding up of a firm.
Books of accounts are not closed. Books of accounts are closed.
6.3.1 Dissolution before the expiry of a fixed term
A partner who, on admission, pays a premium to the other partners with a stipulation that the
firm will not be dissolved before the expiry of a certain term, will be entitled to a suitable
refund of premium or of such part as may be reasonable, if the firm is dissolved before the
term has expired.
© The Institute of Chartered Accountants of India
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FAQs on ICAI Notes- Unit 6: Dissolution of Partnership Firms and LLPs - Principles and Practice of Accounting - CA Foundation
| 1. What is the process for dissolving a partnership firm? |  |
Ans. The process for dissolving a partnership firm involves the following steps:
1. Mutual Agreement: All partners must come to a mutual agreement to dissolve the partnership.
2. Dissolution Deed: A dissolution deed is prepared, which outlines the terms of dissolution and the distribution of assets and liabilities.
3. Cancellation of Registration: The partnership firm's registration is cancelled with the Registrar of Firms.
4. Settlement of Liabilities: All the firm's debts and liabilities must be settled before dissolution.
5. Distribution of Assets: The remaining assets are distributed among the partners as per their agreed shares.
6. Legal Formalities: All necessary legal formalities, such as notifying creditors and settling pending legal matters, must be completed.
| 2. What is the difference between dissolution and winding up of a partnership firm? | |
Ans. Dissolution and winding up are two different processes in the context of a partnership firm:
- Dissolution: Dissolution refers to the termination of the partnership relationship. It can occur voluntarily by mutual agreement or involuntarily due to certain events such as death, insolvency, or retirement of a partner. Dissolution does not necessarily mean the end of the firm's operations.
- Winding Up: Winding up is the process of settling the affairs of the partnership firm after its dissolution. It includes completing all unfinished business, collecting dues, paying off debts, and distributing the remaining assets among the partners. Winding up marks the closure of the firm's operations.
| 3. How are the assets and liabilities distributed during the dissolution of a partnership firm? | |
Ans. The distribution of assets and liabilities during the dissolution of a partnership firm is carried out as follows:
1. Payment of Liabilities: All outstanding debts and liabilities of the firm are paid off using the available assets.
2. Return of Capital: Each partner is entitled to receive the amount of their capital contribution, which is returned from the firm's assets.
3. Distribution of Residual Assets: After settling the liabilities and returning the capital, any remaining assets are distributed among the partners according to their profit-sharing ratio or as agreed upon in the dissolution deed.
4. Losses, if any: If the firm has incurred losses, they are first adjusted against the partners' capital accounts. If the losses exceed the capital, partners contribute in proportion to their agreed shares to cover the losses.
| 4. What are the consequences of not following the proper dissolution process for a partnership firm? | |
Ans. Not following the proper dissolution process for a partnership firm can have various consequences:
1. Continuation of Liability: If the dissolution is not properly executed, partners may still be held liable for the firm's debts and obligations even after they have officially separated.
2. Disputes and Legal Issues: Improper dissolution can lead to disputes among partners regarding the division of assets, liabilities, and settlement of accounts. This may result in lengthy legal battles and additional costs.
3. Tax Implications: Failure to dissolve the partnership firm correctly can have adverse tax implications for the partners, as they may still be considered jointly and severally liable for tax obligations.
4. Difficulty in Starting New Ventures: Unresolved issues from a previous partnership can create obstacles when partners try to start new ventures or enter into new business relationships. It may affect their credibility and ability to secure financing or form new partnerships.
| 5. Can a partnership firm convert into a Limited Liability Partnership (LLP) during the dissolution process? | |
Ans. Yes, a partnership firm can convert into a Limited Liability Partnership (LLP) during the dissolution process. The conversion process involves the following steps:
1. Obtain Consent: All partners must unanimously agree to convert the partnership firm into an LLP.
2. Application and Documents: An application for conversion, along with the required documents, such as a statement of accounts, consent letters, and LLP agreement, must be prepared and filed with the Registrar of Companies (ROC).
3. Approval and Registration: The ROC reviews the application and documents. If everything is in order, the partnership firm is converted into an LLP, and a new LLP registration certificate is issued.
4. Dissolution of Partnership: Once the LLP is registered, the partnership firm is deemed dissolved, and the remaining assets and liabilities are transferred to the LLP.
5. Comply with LLP Regulations: The converted LLP must comply with all the regulations and statutory requirements applicable to LLPs and operate as per the LLP agreement.
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