Question : In case of partnership, the act of any partner is:

Option 1: binding on all partners 

Option 2: Binding on that partner only 

Option 3: binding on all partners except that particular partner 

Option 4: none of the above 

Question : Upon partner retirement,Goodwill will be credited to the capital account of -

Option 1: Remaining partners

Option 2: Retiring Partner 

Option 3: All partners 

Option 4: None of the above

Question : Gain/loss on revaluation at the time of change in profit sharing ratio of existing partners is shared by ______(i)_____ whereas in case of admission of a partner, it is shared by _____(ii)_____. 

Option 1: (i) Remaining Partners, (ii) All Partners. 

Option 2: (i) All Partners, (ii) Old partners. 

Option 3: (i) New Partner, (ii) All partner 

Option 4: (i) Sacrificing Partner, (ii) Incoming partner

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 : At the time of admission of a new partner:

Option 1: Old partnership is dissolved 

Option 2: Old firm are dissolved 

Option 3: Both 1 and 2 

Option 4: None of the above 

Question : Identify the circumstance under which a partnership firm is dissolved.

Option 1: When all or all but one partner of the firm become insolvent

Option 2: In case of change in agreement

Option 3: In case of death of a partner

Option 4: None of the above