The 5th chapter of the NCERT accountancy book lists the difference between the dissolution of a partnership and the dissolution of a partnership firm. The accounting treatments for unrecorded assets as well as liabilities are also explained in a detailed manner in the NCERT class 12 Accountancy book.
The difference between a firm's debts and a partner's debts, realization account and revaluation account, has been discussed in the same chapter. This chapter of the NCERT accountancy textbook for class 12 also briefs on how the deficiency of creditors is paid off when a firm dissolves. At the end of this chapter, there are some accountancy sums for the students to practice.
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