CUET Accountancy - According to section _________ of the Partnership Act, 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm. | PYQs + Solutions

CUET Accountancy 2025 3 June Shift 1

Partnership

Easy

common

✅ Correct Option: 4

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On the dissolution of a firm, creditors is transferred to:

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In case of dissolution of a partnership firm, losses, including deficiencies of capital, shall be paid first out of ...............

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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:

CUET Accountancy 2025 3 June Shift 1 PYQs

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