Match the concepts in List I with the events in List II:List IList IIA. When a new partner joins the partnershipI. Compulsory dissolutionB. When an existing partner leaves the partnershipII. Admission of a partnerC. When the business of a firm becomes illegalIII. Prepared in the case of death of a partnerD. Executor's AccountIV. Retirement of a PartnerChoose the correct answer from the options given below:
- AA-IV, B-II, C-I, D-III
- BA-I, B-II, C-IV, D-III
- CA-II, B-IV, C-I, D-III
- DA-II, B-I, C-IV, D-III
Solution & Step-by-step Explanation
Aligning the events with their descriptions:A. When a new partner joins: This constitutes II. Admission of a partner.B. When an existing partner leaves: This constitutes IV. Retirement of a Partner.C. When business becomes illegal: This leads to I. Compulsory dissolution under Section 41 of the Indian Partnership Act.D. Executor's Account: This account is III. Prepared in the case of death of a partner to settle obligations towards legal heirs.This forms the sequence: A-II, B-IV, C-I, D-III.