Question on: JAMB Accounting - 2023
Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
A
I,II and III only
B
I,II and IV only
C
II and IV only
D
II and III and IV only
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Correct Option: B
The dissolution of a partnership constitutes options I, II, and IV only. I. Settlement of debts (creditors and liabilities), II. Cessation of business, and IV. Disposal of assets are the events that collectively constitute the dissolution of a partnership.
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