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): A firm can have a minimum of 2 with a maximum of 50 Partners.

Reason (R): The limit of two Partners flows from the definition in the Partnership Act 1932; the Maximum limit of Partners is also prescribed in the Partnership Act 1932.

Option 1: Only assertion(A) is correct

Option 2: Only reason(R) is correct

Option 3: Assertion (A) is correct but Reason (R) is not correct.

Option 4: Both assertion(A) and reason(R) are correct

Question : Assertion (A): A firm can have a minimum of 2 with a maximum of 50 Partners.

Reason (R): The limit of two Partners flows from the definition in the Partnership Act 1932; the Maximum limit of Partners is also prescribed in the Partnership Act 1932.

Option 1: Only assertion(A) is correct

Option 2: Only reason(R) is correct

Option 3: Assertion (A) is correct but Reason (R) is not correct.

Option 4: Both assertion(A) and reason(R) are correct

Question : The partnership legislation of 1932 states that the interest due to a deceased partner on whatever money he left behind shall be -

Option 1: 10%

Option 2: 16%

Option 3: 8%

Option 4: 6%

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