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Distinguish between dissolution of partnership and dissolution of firm.

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Distinguish between dissolution of partnership and dissolution of firm.

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Basis of Difference Dissolution of partnership Dissolution of firm
1) Settlement of accounts Assets and Liabilities are revalued Assets are realised and liabilities are paid off
2) Closing of books Books of accounts are not closed Books are closed
3) Preparation of balance sheet A new balance sheet is prepared soon after the dissolution New balance sheet is not prepared
4) Intervention of the court No intervention of the court Court of intervene
5) Closure of bussiness The business is not closed The business of the firm is closed

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