Online Exam in Registration and Dissolution of a Firm in Mercantile Laws for the preparation of professional exams of ca cpt, ca foundation, cs foundation, cma foundation
Registration and Dissolution of a Firm - Test 3
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Subject :- Mercantile law No.of Quiz questions :- 30
Chapter :- Registration and Dissolution of a Firm – Test 3
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In order to get a partnership firm registered, partners have to apply to
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Question 2 of 120
2. Question
1 points
Current Accounts of partners in a firm are maintained only when the capital of partners is
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Question 3 of 120
3. Question
1 points
P, Q and R are partners sharing profits in 5 : 3 : 1 . Their capitals were 30,000, 20,000 and 10,000 respectively. R becomes insolvent. The deficiency of capital on insolvency of R would be borne by P & Q in
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Question 4 of 120
4. Question
1 points
Unregistered firm cannot file a suit against a ____ to enforce any right arising from a contract .
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Question 5 of 120
5. Question
1 points
In the absence of any contract to the contrary, insolvency of a partner results in :
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Question 6 of 120
6. Question
1 points
On which of the following grounds of partner need not apply to the Court for dissolution of the firm ?
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Question 7 of 120
7. Question
1 points
Non Registration of a firm will effect the following Right :
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Question 8 of 120
8. Question
1 points
A partner can retire on :
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Question 9 of 120
9. Question
1 points
A partner may be expelled from the firm on fulfillment of the condition that power of expulsion in exercised :
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Question 10 of 120
10. Question
1 points
Public notice is not required when there is :
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Question 11 of 120
11. Question
1 points
Unregistered firm cannot file a suit against _____ to enforce any right arising from a contract .
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Question 12 of 120
12. Question
1 points
Which of the following statements, about the registration of firm, is not true ?
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Question 13 of 120
13. Question
1 points
Just and equitable ground for court ordering distribution of firm includes _____ .
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Question 14 of 120
14. Question
1 points
Where an agreement consists of two parts, one legal and other illegal, and the legal part is separable from the illegal one. Such legal part is _____ .
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Question 15 of 120
15. Question
1 points
In a firm where a partner transfers the whole of his interest or share to a third party, the firm
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Question 16 of 120
16. Question
1 points
In a firm, where a partner is guilty of misconduct which adversely affect the partnership business, the firm
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Question 17 of 120
17. Question
1 points
Which of the following firm can be dissolved by a written notice of dissolution given by any partner ?
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Question 18 of 120
18. Question
1 points
The petition for dissolution of the firm on the ground of insanity of a partner, can be filed in the court by
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Question 19 of 120
19. Question
1 points
Transfer by a partner whole of his interest to a third party, is :
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Question 20 of 120
20. Question
1 points
On which of the following grounds, a partner may apply to the court for dissolution of the firm ?
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Question 21 of 120
21. Question
1 points
The grounds, on which a petition for dissolution of a firm can be filed in a court, are provided in _______ .
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Question 22 of 120
22. Question
1 points
The dissolution of a firm means
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Question 23 of 120
23. Question
1 points
In a firm of two partners, the partnership agreement provides that the firm shall not be dissolved on the death of any partner, and one of them dies. In this case the firm is
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Question 24 of 120
24. Question
1 points
Unless there is a contrary contract, a firm is automatically dissolved on the
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Question 25 of 120
25. Question
1 points
When all the partners except one become insolvent, the firm is
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Question 26 of 120
26. Question
1 points
Where one of the several businesses, carried on by the firm, becomes unlawful, the firm :
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Question 27 of 120
27. Question
1 points
Where there is only a change in the relations of partners and not the extinction of partnership relationship, it is known as
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Question 28 of 120
28. Question
1 points
Section 41 of the Indian Partnership Act, 1932 provides for the ‘compulsory dissolution of a firm’ and it takes place without the intervention of the court.
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Question 29 of 120
29. Question
1 points
A partnership firm is compulsorily dissolved where
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Question 30 of 120
30. Question
1 points
In case of ______ the firm is compulsorily dissolved .
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Question 31 of 120
31. Question
1 points
According to Indian Partnership Act, the dissolution of firm means dissolution of partnership between
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Question 32 of 120
32. Question
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In case of dissolution of partnership firm
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Question 33 of 120
33. Question
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Dissolution of partnership means
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Question 34 of 120
34. Question
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On dissolution the partners remain liable to till
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Question 35 of 120
35. Question
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The expressions ‘dissolution of firm’ and ‘dissolution of partnership’ have the same meaning and are used interchangeably.
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Question 36 of 120
36. Question
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A partnership may be dissolved
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Question 37 of 120
37. Question
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Dissolution by agreement among partners is dealth with under Section of the partnership Act
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Question 38 of 120
38. Question
1 points
After dissolution of the firm, the Partners have the authority to bind the firm, in so far as may be necessary, to wind up the affairs of the firm.
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Question 39 of 120
39. Question
1 points
Dissolution by agreement u/s 40, can be
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Question 40 of 120
40. Question
1 points
Right to restrain from the use of firm name or firm property upon dissolution of firms is covered under section
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Question 41 of 120
41. Question
1 points
For partnership at will, notice of intention to dissolve the firm
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Question 42 of 120
42. Question
1 points
When joint debts are due from firm and also separate debts are due from partners, the firm’s property shall be applied first in paying the firm’s debts it is ______.
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Question 43 of 120
43. Question
1 points
Dissolution agreement as per Section 40, can be
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Question 44 of 120
44. Question
1 points
Dissolution of firm by the court is dealt in Section of the partnership Act, 1932.
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Question 45 of 120
45. Question
1 points
Which of the following do not constitute ground for dissolution by Court.
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Question 46 of 120
46. Question
1 points
Section of the partnership Act, 1932 deals with continuing Authority of partners for the purposes of winding up
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Question 47 of 120
47. Question
1 points
In case of notice of dissolution in a partnership at will, when some specific date has been mentioned in the notice, the firm is dissolved from that date. It is
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Question 48 of 120
48. Question
1 points
When some event happens which makes it ____ for business of the firm to be carried on by the partners, then the firm is automatically dissolved.
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Question 49 of 120
49. Question
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Section 46 of the partnership Act dealt with ______ .
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Question 50 of 120
50. Question
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At the time of dissolution, the firm’s assets after settlement of the debts of the firm to third parties and partners loans, shall be used for settlement of _______
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Question 51 of 120
51. Question
1 points
Under Section 40, i.e. dissolution by agreement the fact of dissolution need not be evidenced by a document, i.e. no dissolution deed is required. It is
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Question 52 of 120
52. Question
1 points
When Joint Debts are due from Firm and also separate debts are due from partners, when there is any surplus after payment of the Firm’s debts then the share of each partner shall be
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Question 53 of 120
53. Question
1 points
When partnership is at will, notice of intention to dissolve the firm should be served on _____.
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Question 54 of 120
54. Question
1 points
Court may dissolve a firm when a suit is brought that a partner has become of unsound mind, statement is ______
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Question 55 of 120
55. Question
1 points
Payment of firm debts and of separate debts of payments is dealt under section. of the partnership Act.
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Question 56 of 120
56. Question
1 points
When partnership is at will, Notice of intention to dissolve the firm may be served by
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Question 57 of 120
57. Question
1 points
At the time of dissolution of firm, the surplus left after settlement of the debts and liabilities of the firm shall be
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Question 58 of 120
58. Question
1 points
Sec.40 depicts dissolution by agreement, which can be
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Question 59 of 120
59. Question
1 points
The Court shall compulsorily dissolve a firm if a suit is brought that a partner has become of unsound mind statement is
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Question 60 of 120
60. Question
1 points
X, Y and Z are in partnership. X is adjudicated insolvent, but Y and Z agree to continue the firm. The implication is
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Question 61 of 120
61. Question
1 points
When a partnership contract is rescinded on grounds of fraud or misrepresentation, the party entitled to rescind, is also entitled to be indemnified by the partners guilty of such fraud or misrepresentation against all debts of the firm. It is
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Question 62 of 120
62. Question
1 points
When joint debts are due from firm and also separate debts are due from partners, the separate property of the partners shall be used first ______.
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Question 63 of 120
63. Question
1 points
Rights of indemnity when partnership is rescinded for Fraud and Misrepresentation is covered under Section ___
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Question 64 of 120
64. Question
1 points
The estate of a partner who dies, is not liable u/s 45 for acts done after the date on which he ceases to be a partner. Statement is ____ .
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Question 65 of 120
65. Question
1 points
When a partnership contract is rescinded on grounds of fraud or misrepresentation, the party entitled to rescind, is entitled to _____ of the surplus or assets of the firm remaining after settlement of firm’s debts, for any sum paid by him for purchase of share or for contribution of capital.
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Question 66 of 120
66. Question
1 points
In case of dissolution by agreement u/s 40, a unilateral notice by any one partner is sufficient. It is ____
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Question 67 of 120
67. Question
1 points
At the time of dissolution of a firm, every partner or his representative is entitled to have the ____ applied in payment of the debts and liabilities of the firm.
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Question 68 of 120
68. Question
1 points
Loss arising out of partners insolvency shall be made up by the solvent partners by –
a. Bringing in cash equal to their respective shares of the loss on realization and
b. Bearing the loss in the ratio of their last agreed capitals statement is ____
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Question 69 of 120
69. Question
1 points
Dissolution by notice of partnership at will is dealt with u/s _____ of the partnership Act, 1932.
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Question 70 of 120
70. Question
1 points
When a notice of dissolution is served in a partnership at will, and no date has been mentioned in the notice, the firm is dissolved from the date when the notice is communicated, statement is ____
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Question 71 of 120
71. Question
1 points
When partnership contract is rescinded on ground of fraud or misrepresentation, the party entitled to rescind, is also entitled to be indemnified against all debts of the firm, by
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Question 72 of 120
72. Question
1 points
Joint debts are due from firm and also separate debts are due from partners, any surplus left after settlement of the firm’s debs shall not be paid to the partner directly, but the share of each partner shall only be applied in the payment of his separate debts. It is _____
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Question 73 of 120
73. Question
1 points
The estate of a partner who is adjudged insolvent, is liable u/s 45 for acts done after the date on which he ceases to be a partner, statement is ______.
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Question 74 of 120
74. Question
1 points
When some event happens which makes it unlawful for the business of the firm to be carried on or for the partners to carry it on in partnership, then _____.
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Question 75 of 120
75. Question
1 points
The right of a partner or his representative to restrain other partners or representatives from the use of firm name or firm property upon dissolution of firm can be restricted by agreement between partners. It is _____
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Question 76 of 120
76. Question
1 points
Loss arising out of partners insolvency can be recouped from ______
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Question 77 of 120
77. Question
1 points
When partnership is at will, the firm may be dissolved by any partner giving notice in writing to all the other partners of his intention to dissolve the firm. Statement is ______.
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Question 78 of 120
78. Question
1 points
When a partner has become of unsound mind, a suit for dissolution may be brought by
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Question 79 of 120
79. Question
1 points
Compulsory dissolution is dealt with under section of the partnership Act, 1932.
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Question 80 of 120
80. Question
1 points
Partners are entitled to have the business wound up, upon dissolution of firm. It is
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Question 81 of 120
81. Question
1 points
When under Sec.45 public notice of dissolution is not given, the partner who retires from the firm and who is not known to the person dealing with the firm to be a partner, continues to be liable for any act done by any of the partners which would have been the act of the firm if done before dissolution. It is
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Question 82 of 120
82. Question
1 points
When it is proven that a partner has become permanently incapable of performing his duties as a partner, the court may dissolve the firm. It is
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Question 83 of 120
83. Question
1 points
When all partners, or all but one partner, of the firm are declared insolvent then ____
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Question 84 of 120
84. Question
1 points
When a partner’s capital account has a debit balance and he is unable to bring in necessary cash to make up the deficiency, it is called _____.
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Question 85 of 120
85. Question
1 points
Firm will not be compulsorily dissolved. When
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Question 86 of 120
86. Question
1 points
Under Section 45, public notice of dissolution is not given the estate of a partner who is adjudged insolvent, is not liable for any act done by any of the partners which would have been the act of the firm if done before dissolution.
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Question 87 of 120
87. Question
1 points
When a partnership contract is rescinded on grounds of fraud or misrepresentation, the party entitled to rescinded is also entitled to rank as a creditor of the firm in respect of _____
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Question 88 of 120
88. Question
1 points
A suit for dissolution of firm on the grounds that a partner has become permanently incapable of performing his duties as a partner, can be brought by
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Question 89 of 120
89. Question
1 points
The accounting rule in respect of loss arising due to insolvency of a partner is dealt with in ______
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Question 90 of 120
90. Question
1 points
Public notice of dissolution u/s 45 may be given by ____
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Question 91 of 120
91. Question
1 points
The partner who retires from the firm and who is not known to the person dealing with the firm to be a partner is not liable under Sec.45 for acts done after the date on which he ceases to be a partner. He is
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Question 92 of 120
92. Question
1 points
When public notice of dissolution is not given under Section 45, the estate of a partner who dies, continues to be liable for any act done by any of the partners which would have been the act of the firm if done before dissolution it is
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Question 93 of 120
93. Question
1 points
When more than one separate adventure or undertaking is carried on by the firm, and one of the adventures become unlawful ____.
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Question 94 of 120
94. Question
1 points
When a partner was diagnosed for paralysis which on evidence was found to be curable, dissolution of firm should be granted by the court. It is
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Question 95 of 120
95. Question
1 points
X, Y and Z are in partnership, X and Z are declared insolvent, while Y wants to continue the firm.
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Question 96 of 120
96. Question
1 points
Joint debts due from firm and also separate debts due from partners, the separate property of the partners shall be applied first in paying the firm’s debts. It is
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Question 97 of 120
97. Question
1 points
When joint debts due from firm and also separate debts due from partners, the firm’s property shall be applied first to pay
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Question 98 of 120
98. Question
1 points
Separate property of any partner shall be used a first in the payment of his separate debts, and (b) balance surplus, in the payment of the debts of the firm. It is
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Question 99 of 120
99. Question
1 points
Sec.52 deals with the rights when partnership contract is rescinded for _____.
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Question 100 of 120
100. Question
1 points
When a partnership contract is rescinded on grounds of fraud or misrepresentation, the party entitled to rescind, is also entitled to rank as a ______ of the firm in respect of any payment made by him, for the firm’s debts.
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Question 101 of 120
101. Question
1 points
When a notice of dissolution in a partnership at will, where no date has been mentioned in the notice, the firm is dissolved from the date ____.
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Question 102 of 120
102. Question
1 points
A partnership firm may be dissolved by notice to all the partners by any partner if the partnership is
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Question 103 of 120
103. Question
1 points
A partnership firm may be dissolved by the order of the court when any partner
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Question 104 of 120
104. Question
1 points
In the case of partnership at will, notice of intention to dissolve the firm may be given
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Question 105 of 120
105. Question
1 points
According to Partnership Act, a firm may be compulsorily dissolved when all
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Question 106 of 120
106. Question
1 points
A firm may be dissolved by agreement between the partners and such agreement may be
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Question 107 of 120
107. Question
1 points
On which of the following grounds, a partner may apply to the court for dissolution of the firm ?
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Question 108 of 120
108. Question
1 points
Under the decision of Garner v. Murray case, the loss arising due to the deficiency of capital of insolvent partner is born by the solvent partners in the ______
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Question 109 of 120
109. Question
1 points
A partner may file a petition for dissolution of the firm if any other partner has transferred his interest to
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Question 110 of 120
110. Question
1 points
According to Partnership Act, the public notice of dissolution of firm must be given by
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Question 111 of 120
111. Question
1 points
A accepted view is that where all the partners except one die or become insolvent, the firm is dissolved
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Question 112 of 120
112. Question
1 points
On an application to the court for dissolution of the firm on the ground of insanity of a partner or misconduct of a partner, the court is bound to order dissolution of the firm.
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Question 113 of 120
113. Question
1 points
Generally, losses of a firm should be paid first out of ____.
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Question 114 of 120
114. Question
1 points
The court may not order for dissolution of a firm where a partner of the firm has ____.
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Question 115 of 120
115. Question
1 points
In case of dissolution of a Registered firm, its goodwill
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Question 116 of 120
116. Question
1 points
In the Garner v. Murray case, the principles laid down are
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Question 117 of 120
117. Question
1 points
The private property of any partner shall be applied first in the payment of _____
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Question 118 of 120
118. Question
1 points
A court may order the dissolution of the firm under which of the following conditions
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Question 119 of 120
119. Question
1 points
If the assets of the firm are not enough, deficiency will be met
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Question 120 of 120
120. Question
1 points
After public notice of dissolution of the firm has been given, the partners continue to bind the firm by the acts