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P1 C7 DISSOLUTION OF PARTNERSHIP — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C7 DISSOLUTION OF PARTNERSHIP1 Mark
Question
Explain the meaning of dissolution of partnership.
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Answer

When business is not closed (shut) down due to retirement, death or insolvency of a partner or due to any other reasons and remaining partners keep business continuous, it is a dissolution of partnership.

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