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Answer the question number 29 of book kalyani publishers chapter partnership accounts Dissolution, insolvency and piecemeal distribution practical problems please give the solved answer?
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Answer the question number 29 of book kalyani publishers chapter partn...
Question 29:
Partnership Accounts - Dissolution, insolvency and piecemeal distribution
Solved Answer:
Partnership dissolution involves the process of closing down the partnership business, settling all liabilities, and distributing assets among partners. In the case of insolvency, the partners' personal assets may be used to cover the partnership debts.
Details of the solution:
- Calculate the deficiency: Start by determining the partnership's total liabilities and subtracting the total assets. This will give you the deficiency amount that needs to be covered.
- Calculate each partner's share: Divide the deficiency amount among the partners based on their profit-sharing ratio. Each partner will need to contribute their share to cover the shortfall.
- Settle the liabilities: Use the funds contributed by the partners to settle the partnership's debts. This may involve paying off creditors, suppliers, and other outstanding obligations.
- Distribute remaining assets: After settling all liabilities, distribute any remaining assets among the partners based on their capital balances. Each partner will receive their share of the assets as per the partnership agreement.
- Finalize the accounts: Once all liabilities are settled and assets distributed, finalize the partnership accounts. Prepare a final account statement showing the distribution of assets and liabilities among the partners.
By following these steps, you can effectively dissolve a partnership, handle insolvency issues, and distribute assets among partners in a fair and transparent manner.
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Answer the question number 29 of book kalyani publishers chapter partnership accounts Dissolution, insolvency and piecemeal distribution practical problems please give the solved answer?
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Answer the question number 29 of book kalyani publishers chapter partnership accounts Dissolution, insolvency and piecemeal distribution practical problems please give the solved answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Answer the question number 29 of book kalyani publishers chapter partnership accounts Dissolution, insolvency and piecemeal distribution practical problems please give the solved answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Answer the question number 29 of book kalyani publishers chapter partnership accounts Dissolution, insolvency and piecemeal distribution practical problems please give the solved answer?.
Answer the question number 29 of book kalyani publishers chapter partnership accounts Dissolution, insolvency and piecemeal distribution practical problems please give the solved answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Answer the question number 29 of book kalyani publishers chapter partnership accounts Dissolution, insolvency and piecemeal distribution practical problems please give the solved answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Answer the question number 29 of book kalyani publishers chapter partnership accounts Dissolution, insolvency and piecemeal distribution practical problems please give the solved answer?.
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