Which of the following is/are fact(s) about dissolution of the partnership firm?
(A) The business of the firm is closed.
(B) Assets are sold and liabilities are paid off.
(C) A firm can be dissolved by the court's order.
(D) The books of account are closed.
(E) Economic relationship between the partners continues though in a changed form.
Choose the correct answer from the options given below:
(
This question was previously asked in
Shift 2A 3:00PM - 3:45 PM Accounts
A
(A), (B), (C) and (D) only
B
(A), (B), (C) and (E) only
C
(A), (B), (D) and (E) only
D
(A), (B), (D) and (C) only
Correct Answer
(A), (B), (C) and (D) only
Detailed Explanation
The correct facts about the dissolution of a partnership firm are:
- (A) The business of the firm is closed.
- (B) Assets are sold, and liabilities are paid off.
- (C) A firm can be dissolved by the court's order.
- (D) The books of account are closed.
- (E) Economic relationship between the partners continues though in a changed form.
So, the correct answer is:
(2) (A), (B), (C) and (d) only
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