Loan from the wife of a partner is treated just like a loan from the partner himself.
Whenever there is a change in partnership the old firm stands dissolved and a new firm comes into existence.
Partner’s personal assets can also be used for payment of firm’s liabilities.
Workmen compensation fund is an outside liability.
Employees provident fund is an outside liability.
Items appearing in the balance sheet are posted at one place only.
Partyner’s loans have to be paid before any payment is made to any of the partners as capital.
A Revaluation account’ is opened on the dissolution of a firm.
On the dissolution of a firm, Goodwill will be sold like any other asset.
On the dissolution of a firm, realization account is debited with all the liabilities appearing in the books of capital
Profit of realisation on the dissolution of a firm is divided in the capital ratio.
Dissolution of partnership automatically results in the dissolution of the firm.
Realisation account is a nominal account.
At the time of dissolution of partnership firm, fictitious assets are transferred to Capital Account of partners.
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