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What does dissolution of a firm mean?
  • a)
    Change in the profit-sharing ratio of partners
  • b)
    Complete closure of the business of the firm
  • c)
    Admission of a new partner
  • d)
    Retirement of a partner
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
What does dissolution of a firm mean?a)Change in the profit-sharing ra...
Dissolution of a firm refers to the complete closure of the business, where all assets are disposed of, liabilities are settled, and the firm ceases to exist.
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What does dissolution of a firm mean?a)Change in the profit-sharing ratio of partnersb)Complete closure of the business of the firmc)Admission of a new partnerd)Retirement of a partnerCorrect answer is option 'B'. Can you explain this answer?
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