The Indian Partnership Act,1932- Test 7

A,B,C are partners on death of B,A and C continue the firm’s business. This is a case of ……

In which of the following case the dissolution of partnership takes place even when there is no dissolution of the firm?

In which of the following case the dissolution of partnership takes place even when there is no dissolution of the firm?

A firm may be dissolved where …. that it shall be dissolved.

A partnership firm with one partner can continue.

If all partners, or all but one partner, of the firm are declared insolvent…….

A firms is compulsorily dissolved if …..

A, B and C are in partnership A and C are adjudicated insolvent, while B wants to continue the firm.

Where the partnership is at will, the firm may be dissolved at any time, partner giving notice in writing of his intention to dissolve the firm,to

The Court may dissolve a firm if a partner …….. commits breach of agreements relating to management of the affairs of the firm or the conduct of the firm’s business.

Firm may be dissolved-

Firm is automatically and compulsory dissolved, if ……

In which of the following situations the firm will NOT be compulsorily dissolved?

If at the time of admission partner pays premium then on dissolution, he is entitled to demand the return of proportion of the premium if the partnership was for a fixed term and was dissolved before the expiry of that term, unless dissolution was caused by-

In settling the accounts of a firm after dissolution, losses, including deficiencies of capital, shall be paid-

Upon dissolution the firm’s assets shall be first applied in ……..

Upon dissolution, the firm’s assets shall be first applied in paying the debts of the firm to third parties , shall thereafter be applied in ……

Upon dissolution, the firm’s assets shall be first applied in paying the debts of the firm to third parties , shall thereafter be applied in payment of partners loan shall be applied in …….

Upon dissolution, the firm’s assets shall be first applied in paying the debts of the firm to third parties , shall thereafter be applied in payment of partners loan shall then be applied in payment of partners capital and still surplus remains it should used for …..

The private property of a partner should be used to …..

Firm’s assets should be first used to pay –

Which of the following is prepared only at the time of dissolution of them?

……… rule is applicable at the time of any partners becoming insolvent.

When the partner capital accounts are fixed, then as per the decision in the Garner Vs Murray case, any loss arising due to the capital deficiency in the insolvent partner capital accounts is to be borne solvent partners in the ratio of …….

In which of the following case Garner vs Murray rule is NOT applicable?