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Accountancy · 2022 · 2 marks
CBSE 2022 · Region 5 · Set 1 · Q2
Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm' on the basis of: (i) Termination of business. (ii) Settlement…
Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm' on the basis of : (i) Termination of business. (ii) Settlement of Assets and Liabilities.
Marking-scheme solution
Basis Dissolution of Firm Dissolution of Partnership
(i)
Termination The business of the firm The business is not closed/
of business is closed/ terminated. terminated.
(ii)
Settlement of Assets of the firm are Assets of the firm are
Assets and realised and liabilities revalued and liabilities are
Liabilities are paid off reassessed and also balance
sheet is drawn
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CBSE Class 12 Accountancy past-paper question from the 2022 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.