Herschbach recalls attending one party with a fire blazing in a courtyard and plenty of grog to go round.
"act of going around," originally especially "a merry-go-round," 1886, from go (v.) + round (adv.). Figurative sense of "argument, bout, fight," etc. is from 1891.
A turn; a repetition: That was nice. Let's have another go-round (1960s+)