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in this lecture I am going to explain about the general tips and the process of liquidating a partnership firm so what is the meaning of liquidation of a partnership sometime a partnership decides to completely close the business in this case we must liquidate the business and distribute the remaining assets to the partners so to do this we must completely remove everything on the balance sheet so what are the different process of a liquidation of a of a business so steps for the liquidation include the sales of assets other than cash it means the known cash assets may be the building plant Machinery or the equipment and divide the gain or loss arise out of the sale of the assets based on the partnership ratio as per the partnership agreement and the money which is analyzed from the sale of the assets will be used to pay off all the liabilities and debts of the company and the rest money will be distributed among the capital based upon the partners Capital balance so Im just going to
