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 : 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 : 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 : When a partner retires which of the following is most important to be revalued 

Option 1: Cash

Option 2: Stock 

Option 3: Debtors 

Option 4: Goodwill

Question : A partnership firm is compulsorily dissolved:

Option 1: When the business of the firm is declared illegal

Option 2: When a partner of the firm dies

Option 3: When a partner of the firm becomes insolvent

Option 4: When a partner transfers his share to some other person without the consent of other partners