Question : Dissolution of firm and dissolution of partnership are two distinct legal concepts -

Option 1: True

Option 2: False

Option 3: May be True

Option 4: None of the above

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 : Change in the existing agreement between the partners is called

Option 1: Dissolution of Firm

Option 2: Reconstitution of Partnership

Option 3: Dissolution of Business

Option 4: None of the Above

Question : At the time of dissolution of partnership firm first of all ______ shall be paid.

Option 1: Firm's debt

Option 2: Partner's loan

Option 3: Capital of partners

Option 4: None of these

Question : According to —— the dissolution of partnership between all the partners of a firm is called dissolution of the partnership firm.

Option 1: Section 38, of Indian partnership Act 1932

Option 2: Section 39, of Indian partnership Act 1932

Option 3: Section 32, of Indian partnership Act 1932

Option 4: Section 40, of Indian Partnership Act 1932

Question : Assertion (A): Dissolution of Partnership may or may not result into closing down of the business.
Reason (R): Dissolution of Partnership firm means close down of business and comes to an end.

Option 1: Both Assertion (A) and Reason (R) are true and (A) is correct explanation of Reason (R).

Option 2: Both Assertion (A) and Reason (R) are true but (A) is not correct explanation of Reason (R).

Option 3: Assertion (A) is true but Reason (R) is false.

Option 4: Reason (R) is true but Assertion (A) is false.