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The deed states that the firm is for five years. On completion of five years, it resembles dissolution of which kind of partnership?

Answer and explanation

Correct answer: Partnership for fixed term

A fixed term partnership may end when the stated period is over. The period clause is an important exam clue.

Related tags

Fixed TermDissolutionPeriod ClausePartnership DeedPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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