Dissolution of partnership ppt

dissolution of partnership firm ppt and admission of partner in partnership firm
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Published Date:25-07-2017
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Registration and Dissolution of a Firm Unit 3 Part 3/4 CPT MERCANTILE LAW CHAPTER -3 THE INDIAN PARTNERSHIP ACT ,1932 CA. DIPTI LUNAWAT Consequences Of Dissolution Continuing Liability Till Public notice Right To Enforce Winding Up Extent of Continuing Authority Till Dissolution Settlement of Partnership Accounts Personal profits Earned After Dissolution Liability till Public Notice • For Acts Done after All Partners Dissolution • Till Public Notice Not given Liable • Estate of Deceased Partner Partners • Estate of Insolvent Partner • Sleeping or Dormant Not Liable Partner Right to Enforce Winding Up Firm’s property to be applied in payment of Debts Surplus Distributed Among Partner Continuing Authority After Dissolution Wind Up The Affairs Of Firm Complete Unfinished Transactions Pending Settlement of Accounts TREATMENT OF LOSSES APPLICATION OF ASSETS PAYMENT OF FIRM’S DEBT & PRIVATE DEBT LOSS DUE TO INSOLVENCY GARNER VS MURRAY RULE Treatment of Loss LOSS INCLUDING DEFICENCY PROFITS CAPITAL PARTNERS IN PROFIT SHARING RATIO Application of Assets Assets including contribution by partners FIRM’S DEBT ADVANCE BY PARTNER REPAYMENT OF CAPTIAL SURPLUS(if any) DISTRIBUTED IN PSR Payment of Firm’s Debt And Private Debt PARTNER’S PRIVATE FIRM’S PROPERTY PROPERTY PARTNER’SPRIVATE FIRM’S DEBT DEBT PARTNER’SPRIVATE FIRM’S DEBT DEBT Insolvency of Partner PARTNER HAVING DEBIT BALANCE IN CAPTIAL ACCOUNT UNABLE TO BRING CASH TO MAKE UP DEFICENCY INSOLVENT PARTNER IRRECOVERED DEBIT BALANCE IS LOSS DUE TO INSOLVENY OF PARTNER Garner Vs Murray Rule SOLVENT PARTNER IN RATIO OF LAST AGREED CAPTIAL • Balance Sheet Capital without adjustment FIXED CAPTIAL • Balance Sheet Capital with necessary FLUCTUATING adjustment CAPITAL Rights of Partners On Dissolution Right To Personal Profits Secret Profit Earned after Dissolution Every partner will share this Secret Profit But Before Winding UP Return of Premium on Premature Dissolution Person paying premium gets a Proportionate • Person Paying the premium gets a Proportionate Amount. Amount Exceptions Get Premium Death of Partner Without Fault of Either party Fault of Either party Misconduct Fault by Person receiving premium By Agreement no provision to repay Insolvency of person receiving Premium Rescission of Partnership For Fraud Act Right of Lien on Surplus Assets Rescind Partnership Aggrieved Party Rank As Creditors Indemnify Restrain From Use of Firm Name or Firm Property Questions Questions On Consequences of Dissolution Question No.1 Loss arising out of partner’s insolvency can be recouped from A Solvent partners B The firm itself C Partner’s estate D Partner’s Legal Heirs Ans: A Question No.2 After the dissolution of a firm, the authority of a partner to bind the firm: A does not continue at all. B continues so far as may be necessary to wind up the affairs of the firm . C None of these Ans: B Question No.3 A partners private assets shall be applied first in the payment of: A Firm’s debts to third parties. B Partner’s debts to third parties. C Partner’s advance to third parties. D None of these Ans: B

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