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Question
In which condition a partnership firm is deemed to be dissolved?
Options
On a partner’s admission
On retirement of a partner
On expiry of the period of partnership
On loss in partnership
MCQ
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Solution
On expiry of the period of partnership
Explanation:
A partnership firm is deemed to be dissolved on expiry of the period of partnership if the partnership was formed for a specific time. This means that the firm automatically ends when the agreed period expires, unless the partners agree to continue. Other events like partner admission or retirement only lead to reconstitution, not dissolution.
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