Match the following list 1 with list 2.

1) d, 2) c, 3) a, 4) b

The correct answer is option 1- 1) d, 2) c, 3) a, 4) b.

* Books of account are closed- Dissolution of Partnership Firm refers to the complete closure and winding up of the partnership business itself. It occurs when the partners decide to cease all business operations and liquidate the assets and liabilities of the firm. This typically happens when the partnership faces insurmountable challenges, financial losses, or if the partners have no intention to continue the business in any form. During the dissolution of a partnership firm, the assets are sold, the debts are paid off, and any remaining funds are distributed among the partners according to their agreed-upon profit-sharing ratio or as per legal requirements. Once all the affairs of the partnership firm are settled, it ceases to exist as a legal entity.

* Firm dissolved by any partner giving notice in writing to other partners- Dissolution by Notice: In a partnership at will (where no fixed term is specified), any partner can give written notice to the other partners expressing their intention to dissolve the firm, leading to its dissolution.

* Economic relationship between among the partners changes- Dissolution of partnership refers to the termination of the partnership agreement or relationship between the partners. It means that the partners decide to end their business association and go their separate ways. This can happen for various reasons, such as completing a specific project, differences in vision or goals, retirement of one or more partners, or financial difficulties.When a partnership is dissolved, it means that the partnership agreement is no longer valid, and the legal relationship between the partners comes to an end. However, the business entity itself may continue to exist if the remaining partners choose to do so, but with a different partnership agreement or by adding new partners.

* Business of the firm becomes unlawful- Compulsory Dissolution: A firm may be dissolved involuntarily under certain circumstances. These include when all partners or all but one partner become insolvent, making them unable to enter into contracts. Additionally, if the firm's business becomes illegal or if an event occurs that makes it unlawful for the partners to continue the partnership (e.g., a partner becomes an enemy alien due to a declaration of war with their country and India).