Class 12 commerce accountancy subject all chapters notes by CBSE Toppers Students., Study notes of Business

Download Class 12 commerce accountancy subject all chapters notes by CBSE Toppers Students. and more Study notes Business in PDF only on Docsity! Chapter 5: Accountancy class 12th notes Introduction - In this chapter, students will learn about the dissolution of a partnership firm, including the reasons for dissolution and the legal requirements for dissolution. Types of Dissolution - Students will explore the different types of dissolution, including dissolution by agreement, dissolution by court order, and dissolution due to the insolvency of the partnership. Accounting Treatment - Students will learn about the accounting treatment of the dissolution of a partnership firm, including the preparation of a realization account, the settlement of liabilities, and the distribution of assets. Realization Account - Students will learn about the preparation of a realization account, which is used to record the sale of partnership assets and the payment of partnership liabilities in the event of dissolution. Treatment of Partners' Loans - Students will learn about the treatment of partners' loans in the event of dissolution, including how to record the loans in the realization account and how to distribute the proceeds of the loans among the partners. Distribution of Assets - Once the liabilities have been settled, the remaining assets are distributed among the partners. Students will learn about the rules for distribution, including the order of priority for distribution and the calculation of partners' shares. Insolvency - In the event of the insolvency of the partnership, students will learn about the process of liquidation, including the appointment of a liquidator and the distribution of proceeds to creditors and partners ···