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Distinguish Between ‘Dissolution of Partnership’ and Dissolution of Partnership Firm ‘On the Basis of Closure of Books. - Accountancy

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Distinguish between ‘Dissolution of partnership’ and Dissolution of partnership firm ‘on the basis of closure of Books.

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Solution

Basis of Difference Dissolution of Partnership Dissolution of Partnership Firm
Closure of Books Books of accounts are not closed forever, as there is only change in the existing agreement between the partners. Books of accounts are closed. As the business is discontinued.
Concept: Dissolution of Partnership Firm
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