Dissolution of Partnership Firm
Mizoram Board · Class 12 · Accountancy
Flashcards for Dissolution of Partnership Firm — Mizoram Board Class 12 Accountancy. Quick Q&A cards covering key concepts, definitions, and formulas.
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Get startedWhat is dissolution of partnership firm according to Section 39 of Partnership Act 1932?
Answer
Dissolution of partnership firm means the dissolution of partnership between ALL partners of a firm. It brings an end to the existence of the firm, and no business is transacted after dissolution exce…
Differentiate between dissolution of partnership and dissolution of firm in terms of business termination.
Answer
Dissolution of Partnership: Business is NOT terminated, firm continues under same or different name. Dissolution of Firm: Business is completely closed and terminated.
List the 7 ways in which dissolution of partnership can take place.
Answer
1. Change in existing profit sharing ratio 2. Admission of new partner 3. Retirement of partner 4. Death of partner 5. Insolvency of partner 6. Completion of venture 7. Expiry of partnership period…
What is dissolution by agreement in case of firm dissolution?
Answer
A firm is dissolved by agreement when: (a) All partners give their consent, OR (b) Dissolution takes place in accordance with a contract between the partners.
When does compulsory dissolution of firm take place?
Answer
Compulsory dissolution occurs when: (a) All partners or all but one become insolvent (b) Business becomes illegal (c) An event makes it unlawful to carry on business (e.g., partner becomes alien enemy…
List the grounds on which court can order dissolution of partnership firm.
Answer
Court can order dissolution when: (a) Partner becomes insane (b) Partner becomes permanently incapable (c) Partner guilty of misconduct (d) Persistent breach of agreement (e) Partner transfers whole i…
According to Section 48, in what order should losses be paid during dissolution?
Answer
Losses including capital deficiencies are paid: (i) First out of profits (ii) Next out of capital of partners (iii) Lastly by partners individually in their profit sharing ratio…
What is the correct order of application of assets during firm dissolution according to Section 48?
Answer
(i) Pay debts to third parties (ii) Pay partner's loans/advances proportionately (iii) Pay partner's capital proportionately (iv) Divide residue among partners in profit sharing ratio…
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