Which of the following statements truly makes the distinction between Dissolution of Partnership and Dissolution of Firm:
(A) In dissolution of partnership, business is not terminated, while in dissolution of firm business is terminated.
(B) The Court intervenes in dissolution of Partnership because a partnership is not dissolved by mutual agreement. A firm can not be dissolved by court order.
(C) Economic relationships between partners continue in a changed form in dissolution of partnership. Economic relationships between the partners come to an end at the dissolution of the Firm.
(D) Dissolution of Partnership doesn't require permanent closure of books, while in Dissolution of firm books are closed.
Choose the correct answer from the options given below:
Held on 24 May 2025 · Verified 13 Jul 2026.
(A), (B) and (D) only
(A), (C) and (D) only
(A), (B), (C) and (D)
(B), (C) and (D) only
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.