Dissolution of partnership – Q & A

1. What do you mean by dissolution of partnership?

2. Why and how partnership dissolved?

3. What steps are necessary in the dissolution of partnership?

4. Explain realisation account?

5. Explain the term "When all partners are solvent"?

6. What do you mean by "When one partner is insolvent"?

7. If one partner become insolvent, in what ratio solvent partners born the deficiency?

8. State the decision of justice Joyce, in the case of Garner vs Murray.

9. Explain the trem "When all partners are insolvent".

10. What will be passed, for creditor's liabilities at the time of dissolution, when all partners are insolvent?

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