Match List-I with List-II. LIST I(Events) LIST II(Result) (A) Termina…

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

Dissolution of partnership only ends the old agreement among the partners: the business goes on and the books are kept as before. Dissolution of the firm ends the business itself: assets are sold, liabilities paid and the books closed, and it may even be ordered by a court.

(A) Termination of business — this matches (III) Dissolution of firm. When a firm is dissolved its business is closed.

(B) Continuation Of Business — this matches (IV) Dissolution of partnership. On dissolution of partnership the business is not terminated; it continues under a new agreement.

(C) Intervention of court — this matches (I) Not Possible In Dissolution Of Partnership. A partnership is dissolved by mutual agreement, so the court does not intervene; only a firm can be dissolved by the court’s order.

(D) Continuation of books of accounts — this matches (II) Not possible in the dissolution of a firm. On dissolution of a firm the books of account are closed, so they cannot continue.

Note: In the original question, both Option (1) and Option (4) were correct as per the NTA Answer Key. The paper printed Option (1) as (A) - (I), (B) - (II), (C) - (III), (D) - (IV) and Option (4) as (A) - (III), (B) - (IV), (C) - (I), (D) - (II). For the benefit of students and to ensure a single answer, Option (1) has been changed to (A) - (II), (B) - (I), (C) - (III), (D) - (IV).