CUET Accountancy - Which of the following event take place in the case of dissolution of a partnership firm | PYQs + Solutions

CUET Accountancy 2025 15 May Shift 2

Partnership

Easy

Court does not intervene

Business is not terminated

Economic relations between the partners comes to an end.

Assets and Liabilities are revalued

✅ Correct Option: 3

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If the asset is taken over by the creditor in lieu of the amount due to him, then the journal entry will be:

3 June Shift 1

A firm is dissolved compulsorily in the following cases:

(A) when all the partners or all but one partner, become insolvent, rendering them incompetent to sign a contract

(B) when the business of the firm becomes illegal

(D) when some event has taken place which makes it unlawful for the partners to carry on the business of the firm in partnership

Choose the correct answer from the options given below:

30 May Shift 1

All assets (except cash/bank and fictitious assets) are transferred to the__________ side of __________Account.

CUET Accountancy 2025 15 May Shift 2 PYQs