XY Associates a partnership firm is having two partners X and Y. In a fatal road accident X lost his life. The firm now stands __________.

Dissolved

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In temporary suspension of business

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Liquidated

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Not affected at all

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Solution

The correct option is A Dissolved
Partnership is an agreement between two or more than two persons. Minimum two persons are required for partnership. In this after the death of X, only Y left. No single person can continue the partnership. So the firm stands dissolved.

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