b.

Right to claim the return of premium on prematurewinding up (section 51) : If a partner joined a firm fora fixed term and had paid a premium and the firm isdissolved before the fixed term, he is entitled toreturn of the premium.Liabilities of a partner on Dissolution : The variousliabilities of a partner on dissolution are as follows : a. Continuing Liability for acts of partners done afterdissolution (section 45) : Until a public notice is givenof dissolution, the partners continue to be liable forany act done by any of them after dissolution andsuch act is deemed to be an act done before thedissolution. b. Continuing authority of partners after dissolution(section 47) : After the dissolution of a firm, theauthority of a partner to bind the firm and the othermutual rights and obligations of the partnerscontinue. 16) Settlement of accounts Unless otherwise agreed by the partners, the accounts of a dissolved firm shall be settled according to theprovisions of section 48, 49 and 55. These provisions areas follows :

a.Treatment of Losses (Section 48(a)) : Losses including deficiencies of capital are to be paid in thefollowing manner :1 . F i r s t o u t o f p r o f i t s . 2 . T h e n o u t o f c a p i t a l . 3.Lastly by partners individually in their profit -sharing ratio.b.Application of Assets (Section 48(b)) : The assets of the firm shall be applied in the following manner andorder :1.In paying firms debts to the third parties;2.In paying to each partner rateably what is due to him on account of advances.3.In paying to each partner rateably what is dueto him on account of capital.c.Payment of firms debts and partners private debts (section 49) : Where there are firms debts andpartners private debts, the following provisions shallapply :1.Firms property shall be applied first inpayment of firms debts then the surplus.2.Partners private property shall be applied first in payment of his private debts and thesurplus. 17) Public notice (section 72) When a public notice is required to be given in thefollowing three cases:a.On the retirement or expulsion of a partner, or b. On the dissolution of the firm,c.On the election to become or not to become apartner by a minor on his attaining majority.When a public notice is not required to be given in thefollowing two cases:a . O n t h e d e a t h o f a p a r t n e r ; b.On the insolvency of a partner.