Question : The dissolution of partnership between all the partners of a firm is called:

Option 1: Reconstitution of partnership firm

Option 2: Dissolution of partnership

Option 3: Dissolution of partnership firm

Option 4: Any of the above

Question : Dissolution by agreement implies ——-

Option 1: Firm is dissolved with consent of all partners

Option 2: Firm is dissolved in accordance with contract between the partners

Option 3: Firm is dissolved by the partnership Deed

Option 4: Both (1) and (2)

Question : Which section of partnership Act defines the rule for selling of private debts and firm’s debt at the time of dissolution ——–

Option 1: Section 59

Option 2: Section 29

Option 3: Section 49

Option 4: Section 28

Question : On dissolution of the firm, partner A demands that his loan of Rs. 1,00,000 should be paid before payment of Capitals of the partners, whereas partners B and C demand that Capitals should be paid before the payment of A's loan. State the order of payment.

Option 1: As per Section 48 of the Indian Partnership Act, 1932, partner's loan is paid before the payment of partner's Capitals.

Option 2: As per Section 48 of the Indian Partnership Act, 1932, partner's loan is paid after the payment of partner's Capitals.

Option 3: As per Section 48 of the Indian Partnership Act, 1932. Partner's loan is paid before the payment of outsider's liabilities.

Option 4: None of the above

Question : Which section of the Partnership Act specifies the mode of settlement of accounts on the dissolution of a partnership firm?

Option 1: Section 48

Option 2: Section 43

Option 3: Section 45

Option 4: Section 47