Tag: elements of business

Questions Related to elements of business

After dissolution, the authority to bind the Firm, other mutual rights and liabilities of Partners continue, in so far as may be necessary _____________.

elements of business partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. to wind up the affairs of the Firm

  2. to complete the transaction that had begun but left unfinished at the time of dissolution

  3. either (a) or (b)

  4. both (a) and (b).

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Correct Option: D

The Mode of Dissolution of Firm, under Indian Partnership Act, 1932 is______.

elements of business partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. illustrative

  2. inclusive

  3. exhaustive

  4. none of the above.

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Correct Option: B

The compulsory dissolution of a firm will arise in case of __________.

elements of business partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. on the death of majority of partners

  2. on the insolvency of all partners

  3. in case of continuous losses

  4. in case of dead lock of management

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Correct Option: B

On the dissolution of a Firm, every Partner or his representative is entitled to have the __________ applied in payment of the debts and liabilities of the Firm.

elements of business partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. business of the firm

  2. goodwill of the firm

  3. property of the firm

  4. assets of the firm.

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Correct Option: C

On which of the following grounds all or any one of the Partner can apply to the court for Dissolution?

elements of business partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. Perpetual Losses

  2. Unsound mind of a Partner

  3. Misconduct

  4. All of these.

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Correct Option: D

For Dissolution of a Firm, Partners may apply to the Court on the ground of_______.

elements of business partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. insanity of partner

  2. misconduct of partner

  3. perpetual losses in business

  4. all of the above.

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Correct Option: D

Upon dissolution of Firm, the Surplus left after settlement of the debts and liabilities of the Firm shall be ______________.

elements of business partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. credited to the Reserve Account

  2. credited to the Government of India A/c

  3. distributed among the Partners equally

  4. distributed among the Partners according to their rights.

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Correct Option: D

In which of the following cases, the firm is not dissolved by the order of the court?

elements of business partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. Just and equitable ground

  2. Persistent breach of agreement

  3. Misconduct

  4. Mutual agreement

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Correct Option: D

On which of the following grounds, court may dissolve a firm at the suit of a partner?

elements of business partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. A partner willfully commits breach of agreement on regular basis.

  2. Where a firm constituted for a fixed term and that term is expired.

  3. Where a partner dies.

  4. When a minor is admitted in to partnership.

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Correct Option: A

In case of a notice of dissolution in a Partnership at Will, where no date has been mentioned in the notice, the Firm is dissolved from ________.

elements of business partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. the date decided by the Registrar of Firms.

  2. the date as decided by the Partners.

  3. the date when the notice is communicated.

  4. the date mentioned in the notice of dissolution.

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Correct Option: C