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This a MCQ (Multiple Choice Question) based practice test of Chapter 5 - Dissolution of Partnership of Accountancy of Class XII (12) for the quick revision/preparation of School Board examinations
Q According to Indian Partnership Act 1932 Dissolution of firm means:
- a)Dissolution of partnership between the main partners
- b)End of the personal relationship among the partners
- c)Dissolution of Partnership between all the partners
- d)Change in the ratio of partners
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
This a MCQ (Multiple Choice Question) based practice test of Chapter 5...
Section 39 of the Indian Partnership Act, 1932 defines dissolution of partnership firm. It defines the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.
Dissolution of partnership firm is different from the dissolution of partners. Dissolution of the firm means to discontinue all the business activities within the firm. When the activities are stopped and the assets are used to pay off the debt it amounts to the dissolution of the firm. When a partner agrees to continue the same firm even after the retirement of a partner then it is called dissolution of partners and not firm. As the firm is still in process by the partner but the partnership between the partner is finished.
Dissolution of firm leads to the dissolution of partnership too. There is a contractual relationship among the partners which works with the firm. If the firm is dissolved then the partnership is also dissolved.
The Indian Partnership Act, 1932 defines dissolution in different ways. Section 40 to 44 states dissolution of partnership firm.
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This a MCQ (Multiple Choice Question) based practice test of Chapter 5...
Section 39 of the Indian Partnership Act, 1932 defines dissolution of partnership firm. It defines the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.
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This a MCQ (Multiple Choice Question) based practice test of Chapter 5...
Explanation:
Dissolution of Partnership between all the partners:
- According to the Indian Partnership Act, 1932, dissolution of a firm means the dissolution of partnership between all the partners.
- It signifies the complete break-up of the partnership and the end of the business operations as a whole.
- In this scenario, all partners cease to carry on the business together and the firm no longer exists in the eyes of the law.
- The assets of the firm are liquidated, liabilities are settled, and the remaining amount (if any) is distributed among the partners based on their profit-sharing ratio.
- The partnership deed is revoked, and the partners are free to pursue other business ventures or enter into new partnerships if they wish to do so.
Therefore, the correct answer to the question is option 'C' - Dissolution of Partnership between all the partners.
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This a MCQ (Multiple Choice Question) based practice test of Chapter 5- Dissolution of Partnership of Accountancy of Class XII (12) for the quick revision/preparation of School Board examinationsQ According to Indian Partnership Act 1932 Dissolution of firm means:a)Dissolution of partnership between the main partnersb)End of the personal relationship among the partnersc)Dissolution of Partnership between all the partnersd)Change in the ratio of partnersCorrect answer is option 'C'. Can you explain this answer?
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This a MCQ (Multiple Choice Question) based practice test of Chapter 5- Dissolution of Partnership of Accountancy of Class XII (12) for the quick revision/preparation of School Board examinationsQ According to Indian Partnership Act 1932 Dissolution of firm means:a)Dissolution of partnership between the main partnersb)End of the personal relationship among the partnersc)Dissolution of Partnership between all the partnersd)Change in the ratio of partnersCorrect answer is option 'C'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about This a MCQ (Multiple Choice Question) based practice test of Chapter 5- Dissolution of Partnership of Accountancy of Class XII (12) for the quick revision/preparation of School Board examinationsQ According to Indian Partnership Act 1932 Dissolution of firm means:a)Dissolution of partnership between the main partnersb)End of the personal relationship among the partnersc)Dissolution of Partnership between all the partnersd)Change in the ratio of partnersCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for This a MCQ (Multiple Choice Question) based practice test of Chapter 5- Dissolution of Partnership of Accountancy of Class XII (12) for the quick revision/preparation of School Board examinationsQ According to Indian Partnership Act 1932 Dissolution of firm means:a)Dissolution of partnership between the main partnersb)End of the personal relationship among the partnersc)Dissolution of Partnership between all the partnersd)Change in the ratio of partnersCorrect answer is option 'C'. Can you explain this answer?.
This a MCQ (Multiple Choice Question) based practice test of Chapter 5- Dissolution of Partnership of Accountancy of Class XII (12) for the quick revision/preparation of School Board examinationsQ According to Indian Partnership Act 1932 Dissolution of firm means:a)Dissolution of partnership between the main partnersb)End of the personal relationship among the partnersc)Dissolution of Partnership between all the partnersd)Change in the ratio of partnersCorrect answer is option 'C'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about This a MCQ (Multiple Choice Question) based practice test of Chapter 5- Dissolution of Partnership of Accountancy of Class XII (12) for the quick revision/preparation of School Board examinationsQ According to Indian Partnership Act 1932 Dissolution of firm means:a)Dissolution of partnership between the main partnersb)End of the personal relationship among the partnersc)Dissolution of Partnership between all the partnersd)Change in the ratio of partnersCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for This a MCQ (Multiple Choice Question) based practice test of Chapter 5- Dissolution of Partnership of Accountancy of Class XII (12) for the quick revision/preparation of School Board examinationsQ According to Indian Partnership Act 1932 Dissolution of firm means:a)Dissolution of partnership between the main partnersb)End of the personal relationship among the partnersc)Dissolution of Partnership between all the partnersd)Change in the ratio of partnersCorrect answer is option 'C'. Can you explain this answer?.
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