Under what circumstances might a firm be dissolved compulsorily?

When an event makes business unlawful

On the completion of a particular venture

If a partnership business is carried on "at will," how can the firm be dissolved?

By a unanimous decision of partners

By an event making business unlawful

By giving notice in writing by any partner

In which case can a firm be dissolved contingent upon an event?

On the agreement of all partners

Upon adjudication as insolvent of all partners

By giving notice of dissolution

On the completion of a fixed term or venture

What ground could lead to the court ordering the dissolution of a firm?

Conduct likely to affect business adversely

Profits and losses sharing ratio

Continuation of business with loss

In the settlement of accounts upon dissolution, what is the order in which the assets are applied?

Liabilities, outside debts, capital

What happens to the Goodwill upon dissolution?

It is distributed among the partners in their profit-sharing ratio.

It is sold separately from other assets.

It is included in the assets subject to agreement.

It is transferred to the Realization Account.

In the case of insolvency of a partner, how is the loss shared among the solvent partners according to Garner vs. Murray?

In the ratio of their profit-sharing ratio

In proportion to their final claims

In the ratio of their original capital

What is the purpose of preparing a Realization Account during the dissolution of a partnership?

To distribute assets among partners

To determine the goodwill value

To settle liabilities with outsiders

When a partnership firm is dissolved, what is the first step taken in settling the firm's affairs?

Distributing assets among partners

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