distinguish between 'dissolution of partnership' and 'dissolution of a partnership firm'? (3 marks)

Dear Student,


The below mentioned points highlight the difference between dissolution of partnership and dissolution of a partnership firm.
 

Basis of Difference	Dissolution of Partnership	Dissolution of Partnership firm
Meaning	It means change in the partnership deed (or the agreement) among the partners.	It means that the business is wound up and the firm is dissolved.
Discontinuation	Business is not discontinued.	Business is discontinued, as the firm is dissolved.
Closure of Books of Accounts	Books of accounts are not closed forever, as there is only change in the existing agreement between the partners.	Books of accounts are closed, as the business is discontinued.