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Dissolution of Partnership Test - 13

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Dissolution of Partnership Test - 13
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  • Question 1
    1 / -0
    In order to file a suit against a client for non-payment of dues an unregistered firm is required to first :
    Solution
    Registration of partnership is not compulsory under law. But if partnership firm is not registered, it can not enforce its claims against a third party in the court of law. So, to file a suit against a client registration is compulsory. 
  • Question 2
    1 / -0
    Where the partnership is at will, the firm may be dissolved by____giving notice in writing to all the other partners of his intentions to dissolve the firm.
  • Question 3
    1 / -0
    XY Associates a partnership firm is having two partners X and Y. In a fatal road accident X lost his life. The firm now stands __________.
    Solution
    Partnership is an agreement between two or more than two persons. Minimum two persons are required for partnership. In this after the death of X, only Y left. No single person can continue the partnership. So the firm stands dissolved.
  • Question 4
    1 / -0
    Non-registration of firm does not affect :
    Solution

    Registration of partnership is not compulsory under law. If a partnership firm is not registered, it can not enforce its claims against a third party in the court of law. Partner of non - registered firm can not file a suit against other partner. But if there exist a just and equitable cause for dissolution, partners can file a suit for dissolution in court.

  • Question 5
    1 / -0
    Dissolution of partnership between all the partners of the firm is called __________.
    Solution
    Dissolution of partnership is different from dissolution of firm. Dissolution between partners does not lead to dissolution of the firm. But if dissolution is between all the partners of a firm then it leads to dissolution of firm because if there are no partners to work then firm will automatically get dissolved. For partnership, minimum two persons are required. If there are no partners then there is no partnership firm. 
  • Question 6
    1 / -0
    Realisation A/c is prepared at the time of _______
  • Question 7
    1 / -0
    Under section $$44$$ of the Partnership Act, a firm may be dissolved on the happening of certain contingencies like :
    Solution
    Marriage of a partner does not affect the working of the partnership. Retirement and a partner joining political parties can also not be a ground for dissolution because remaining partner can continue the business of partnership. But According to Section 44 of Indian Partnership Act, When a partner becomes of unsound mind and is unable to continue further, than the court may order for dissolution of the firm. Insanity can be ground for dissolution.  
  • Question 8
    1 / -0
    A and B were partners in a joint venture sharing profits and losses in the proportion of 4/5th and 1/5th respectively. A supplies goods to the value of  Rs.50,000 and incurs expenses amounting to Rs.5,400. B supplies goods to the value of Rs.14,000 and his expenses amount to Rs.800, B sells goods at Rs.87,400. B settles his account by bank draft. What will be the profit on venture?
    Solution
                                           Joint Venture Account
     Particulars Amount (Rs.) Particulars Amount (Rs.)
     To A's A/c
    Goods: 50,000
    Expenses: 5,400    		 55,400 By B's A/c (sales) 87,400
     To B's A/c
    Goods: 14,000
    Expenses: 800    		 14,800  
     To Profit 
    A- 13,760
    B- 3,440    		 17,200  
     Total 87,400Total  87,400
                                                    
  • Question 9
    1 / -0
    In which of the following cases, the Court may because of a partner, dissolve a firm?
  • Question 10
    1 / -0
    A firm may be dissolved where ____ that it shall be dissolved.
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