Accounting · Partnership Accounts - Dissolution
Match the following descriptions with the correct type of dissolution event: Description: (i) The business operations of the firm are permanently closed. (ii) The economic relationship between partners continues but in a reconstituted form. (iii) Assets are revalued and a new balance sheet is drawn for the continuing firm. (iv) Legal termination of the economic relationship between all partners of the firm. Type of Dissolution: (a) Dissolution of Partnership Firm (b) Dissolution of Partnership Choose the correct option:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(i)-b, (ii)-b, (iii)-a, (iv)-a
- 2(i)-a, (ii)-a, (iii)-b, (iv)-b
- 3(i)-b, (ii)-a, (iii)-a, (iv)-b
- 4(i)-a, (ii)-b, (iii)-b, (iv)-a✓
Correct answer
(i)-a, (ii)-b, (iii)-b, (iv)-a
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