Liquidation of partnership : When the business operation carried by a partnership firm is coming to an end, it is called liquidation of partnership. Dissolution of partnership: Dissolution of partnership means the agreement of partnership between the partners is coming to an end or dissolves. To determine: What is the difference between the liquidation and dissolution of partnership?

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 15RQ

To determine

Liquidation of partnership:

When the business operation carried by a partnership firm is coming to an end, it is called liquidation of partnership.

Dissolution of partnership:

Dissolution of partnership means the agreement of partnership between the partners is coming to an end or dissolves.

To determine:

What is the difference between the liquidation and dissolution of partnership?

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Answer 2

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 15RQ

To determine

Liquidation of partnership:

When the business operation carried by a partnership firm is coming to an end, it is called liquidation of partnership.

Dissolution of partnership:

Dissolution of partnership means the agreement of partnership between the partners is coming to an end or dissolves.

To determine:

What is the difference between the liquidation and dissolution of partnership?

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 15RQ

To determine

Liquidation of partnership:

When the business operation carried by a partnership firm is coming to an end, it is called liquidation of partnership.

Dissolution of partnership:

Dissolution of partnership means the agreement of partnership between the partners is coming to an end or dissolves.

To determine:

What is the difference between the liquidation and dissolution of partnership?

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 15RQ

To determine