Match List-I with List-II.

Choose the correct answer from the options given below:

(A)-(III), (B)-(IV), (C)-(I), (D)-(II)

The correct answer is option 4- (A)-(III), (B)-(IV), (C)-(I), (D)-(II).

(A) Termination of business-(III) Dissolution of firm.
When a firm is dissolved, the business is terminated completely.

(B) Continuation Of Business- (IV) Dissolution of partnership.
A change in partners (like retirement, death, or admission) may result in dissolution of the partnership, but not necessarily the business.

(C) Intervention of court- (I) Not Possible In Dissolution Of Partnership.
A court can dissolve a firm, but not a mere partnership change unless it affects the firm.

(D) Continuation of books of accounts- (II) Not possible in the dissolution of a firm.
When a firm is dissolved, books are closed and not continued. In contrast, books may continue if only the partnership is reconstituted.

Note: As per NTA, both Option (1) and Option (4) were considered correct in this question, which created ambiguity. To ensure clarity and avoid confusion, Option (1) has been slightly modified so that only one option remains correct, for the benefit of students.