What is the requirement regarding the closure of books in Dissolution of Partnership? |
Books of account are reassess Books of account remain open Books of account are revalued Books of account are closed |
Books of account are closed |
In the dissolution of a partnership, it is necessary to close the books of account. Closing the books of account means finalizing the financial records and bringing them to a conclusion. This is done to finalize the financial affairs of the partnership, determine the partners' respective shares, and comply with legal and regulatory requirements. |