Write a word / term / phrase which can substitute the statement: Winding up of partnership business.
Q.1 (B) (iv) Write a word / term / phrase which can substitute the statement: Winding up of partnership business.
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Answer: Dissolution of partnership firm
When the business of the firm is closed, its assets are sold, liabilities paid and accounts of all partners settled. This is called dissolution of the partnership firm.
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· 28 Oct 2026
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