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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
Name two circumstances under which compulsory dissolution of a firm takes place by Act?
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Answer

$(1)$ When all partners of a Firm or all partners except one partner are declared insolvent, $(2)$ When business of a firm becomes illegal.

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