Published on August 5, 2014
Dissolution of Partnership • Dissolution of partnership means termination of the old partnership agreement and a reconstruction of the firm due to admission, retirement and death of a partner. It may or may not result into closing down of the business. Source : D.K.Goel & T.S.Grewal Prepared by T.S.BEDI • Dissolution of partnership ‘firm’ that the firm closes down its business and comes to an end. The assets of the firm are sold and liabilities are paid off and out of the remaining amount, the accounts of partners are settled.