Question : In which condition a partnership firm is deemed to be dissolved?
Option 1: On retirement of a partner
Option 2: On expiry of the period of partnership
Option 3: On a partner’s admission
Option 4: On loss in partnership
Correct Answer: On expiry of the period of partnership
Solution : A partnership firm could be for a set amount of time. The Partnership firm will be dissolved when that time period has passed.
Hence the Correct answer is option 2
Question : On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all to :
Question : On dissolution of a firm, a partner paid Rs. 6,500 for firm’s realisation expenses. Which account will be debited?
Question : At the time of admission of a new partner:
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile