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Deepak, Kavita and Kiran are partners in a firm sharing profits and losses in the ratio two is to 2 is to 1. They decided to dissolve the partnership and appointed Deepak to realise assets and pay the liabilities. He is to receive 5% commission on the amount of the partners as capital was also to be all the expresses of realisation in the balance sheet of the firm on the date of dissolution was as follow.?
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Deepak, Kavita and Kiran are partners in a firm sharing profits and lo...
Partnership Dissolution Overview
When Deepak, Kavita, and Kiran decided to dissolve their partnership, they needed to follow a systematic process to ensure that all assets were realized and liabilities settled. The partners shared profits and losses in the ratio of 2:2:1.
Roles and Responsibilities
- Deepak was appointed to realize assets and pay off liabilities.
- He will receive a 5% commission based on the capital amounts contributed by the partners.
Realization of Assets
- Assets need to be sold to convert them into cash.
- Deepak will oversee the sale of assets, ensuring maximum value is realized.
- The proceeds from the sale will first cover any outstanding liabilities.
Settlement of Liabilities
- All liabilities must be settled from the cash obtained through asset realization.
- This includes any loans, creditors, and other obligations.
Commission Structure
- Deepak will earn a commission of 5% on the capital contributed by the partners.
- If the total capital is known, calculate the commission as follows:
- Commission = Total Capital × 5%
Expenses of Realization
- Any expenses incurred during the realization process should be documented.
- These expenses will be deducted from the cash obtained before distribution among partners.
Distribution of Remaining Assets
- After settling liabilities and deducting expenses, any remaining cash will be distributed among the partners based on their profit-sharing ratio (2:2:1).
- This ensures that each partner receives their fair share of the remaining assets.
Conclusion
The dissolution process requires careful management of assets and liabilities. Deepak's role is crucial in ensuring that the partnership concludes smoothly and fairly for all partners involved.
When Deepak, Kavita, and Kiran decided to dissolve their partnership, they needed to follow a systematic process to ensure that all assets were realized and liabilities settled. The partners shared profits and losses in the ratio of 2:2:1.
Roles and Responsibilities
- Deepak was appointed to realize assets and pay off liabilities.
- He will receive a 5% commission based on the capital amounts contributed by the partners.
Realization of Assets
- Assets need to be sold to convert them into cash.
- Deepak will oversee the sale of assets, ensuring maximum value is realized.
- The proceeds from the sale will first cover any outstanding liabilities.
Settlement of Liabilities
- All liabilities must be settled from the cash obtained through asset realization.
- This includes any loans, creditors, and other obligations.
Commission Structure
- Deepak will earn a commission of 5% on the capital contributed by the partners.
- If the total capital is known, calculate the commission as follows:
- Commission = Total Capital × 5%
Expenses of Realization
- Any expenses incurred during the realization process should be documented.
- These expenses will be deducted from the cash obtained before distribution among partners.
Distribution of Remaining Assets
- After settling liabilities and deducting expenses, any remaining cash will be distributed among the partners based on their profit-sharing ratio (2:2:1).
- This ensures that each partner receives their fair share of the remaining assets.
Conclusion
The dissolution process requires careful management of assets and liabilities. Deepak's role is crucial in ensuring that the partnership concludes smoothly and fairly for all partners involved.
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Deepak, Kavita and Kiran are partners in a firm sharing profits and losses in the ratio two is to 2 is to 1. They decided to dissolve the partnership and appointed Deepak to realise assets and pay the liabilities. He is to receive 5% commission on the amount of the partners as capital was also to be all the expresses of realisation in the balance sheet of the firm on the date of dissolution was as follow.?
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Deepak, Kavita and Kiran are partners in a firm sharing profits and losses in the ratio two is to 2 is to 1. They decided to dissolve the partnership and appointed Deepak to realise assets and pay the liabilities. He is to receive 5% commission on the amount of the partners as capital was also to be all the expresses of realisation in the balance sheet of the firm on the date of dissolution was as follow.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Deepak, Kavita and Kiran are partners in a firm sharing profits and losses in the ratio two is to 2 is to 1. They decided to dissolve the partnership and appointed Deepak to realise assets and pay the liabilities. He is to receive 5% commission on the amount of the partners as capital was also to be all the expresses of realisation in the balance sheet of the firm on the date of dissolution was as follow.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Deepak, Kavita and Kiran are partners in a firm sharing profits and losses in the ratio two is to 2 is to 1. They decided to dissolve the partnership and appointed Deepak to realise assets and pay the liabilities. He is to receive 5% commission on the amount of the partners as capital was also to be all the expresses of realisation in the balance sheet of the firm on the date of dissolution was as follow.?.
Deepak, Kavita and Kiran are partners in a firm sharing profits and losses in the ratio two is to 2 is to 1. They decided to dissolve the partnership and appointed Deepak to realise assets and pay the liabilities. He is to receive 5% commission on the amount of the partners as capital was also to be all the expresses of realisation in the balance sheet of the firm on the date of dissolution was as follow.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Deepak, Kavita and Kiran are partners in a firm sharing profits and losses in the ratio two is to 2 is to 1. They decided to dissolve the partnership and appointed Deepak to realise assets and pay the liabilities. He is to receive 5% commission on the amount of the partners as capital was also to be all the expresses of realisation in the balance sheet of the firm on the date of dissolution was as follow.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Deepak, Kavita and Kiran are partners in a firm sharing profits and losses in the ratio two is to 2 is to 1. They decided to dissolve the partnership and appointed Deepak to realise assets and pay the liabilities. He is to receive 5% commission on the amount of the partners as capital was also to be all the expresses of realisation in the balance sheet of the firm on the date of dissolution was as follow.?.
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Deepak, Kavita and Kiran are partners in a firm sharing profits and losses in the ratio two is to 2 is to 1. They decided to dissolve the partnership and appointed Deepak to realise assets and pay the liabilities. He is to receive 5% commission on the amount of the partners as capital was also to be all the expresses of realisation in the balance sheet of the firm on the date of dissolution was as follow.?, a detailed solution for Deepak, Kavita and Kiran are partners in a firm sharing profits and losses in the ratio two is to 2 is to 1. They decided to dissolve the partnership and appointed Deepak to realise assets and pay the liabilities. He is to receive 5% commission on the amount of the partners as capital was also to be all the expresses of realisation in the balance sheet of the firm on the date of dissolution was as follow.? has been provided alongside types of Deepak, Kavita and Kiran are partners in a firm sharing profits and losses in the ratio two is to 2 is to 1. They decided to dissolve the partnership and appointed Deepak to realise assets and pay the liabilities. He is to receive 5% commission on the amount of the partners as capital was also to be all the expresses of realisation in the balance sheet of the firm on the date of dissolution was as follow.? theory, EduRev gives you an
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