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ACCOUNTANCY-12
CHAPTER - DISSOLUTION OF PARTNERSHIP FIRM
TOPIC - MODES OF DISSOLUTION OF PARTNERSHIP FIRM

Dissolution of Partnership Accounting – Modes of dissolution without intervention of court:

1. On the Basis of Mutual Agreement :
A partnership firm is being setup on the basis of mutual agreement between partners. In the similar way, a partnership firm can be dissolved on the basis of mutual agreement between partners.

2. On the Happening of an Event :
A partnership firm can be dissolved on the basis of happening of any of the below mentioned events:
a) Due to the fulfillment of the objective of business
b) Due to insolvency of partners
c) On the expiry of period for which the firm was formed.

3. Compulsory Dissolution :
A firm is compulsorily dissolved either if the business is unlawful or any or all of the partners have become insolvent.

4. By Notice :
When the duration of the partnership firm is not fixed and it is at will then any partner can dissolve the business by giving a notice