CBSE Questions for Class 12 Commerce Accountancy Dissolution Of Partnership Firm Quiz 2 - MCQExams.com

Under the Partnership Act, on which of these grounds a partner of a firm may sue for dissolution of the firm :
  • Insanity of a partner
  • Misconduct of a partner
  • In both the cases
  • Marriage of any partner
In order to file a suit against a client for non-payment of dues an unregistered firm is required to first :
  • File or FIR with the local police
  • Get registered before filling the suit
  • File a suit before a lower court
  • Write off the amount as the some cannot be recovered in any case
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.
  • Any partner
  • Two partners
  • Three partners
  • Four partners
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 __________.
  • Dissolved
  • In temporary suspension of business
  • Liquidated
  • Not affected at all
Non-registration of firm does not affect :
  • Right to sue for dissolution
  • Right to sue any partner
  • Right to claim for set-off
  • All the three
Dissolution of partnership between all the partners of the firm is called __________.
  • Dissolution of the firm
  • Dissolution of partnership
  • Winding up of firm
  • Termination of firm
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,B supplies goods to the value of Rs.14,000 and his expenses amount to Rs.800, B sells goods at Rs.87,B settles his account by bank draft. What will be the profit on venture?
  • 17,200
  • 17,000
  • 18,000
  • 18,200
Under section $$44$$ of the Partnership Act, a firm may be dissolved on the happening of certain contingencies like :
  • Insanity of a partner
  • Marriage of a partner
  • By retirement of a partner
  • Partner joining political parties
Realisation A/c is prepared at the time of _______
  • admission of a partner
  • retirement of a partner
  • death of a partner
  • dissolution of partnership
In which of the following cases, the Court may because of a partner, dissolve a firm?
  • If a partner has become of unsound mind, the firm is dissolved on a petition made by any of the other partners or by the next friend of the insane partner.
  • A partner becomes permanently incapable of performing his duties as a partner.
  • If a partner is found guilty of conduct which is likely to affect the carrying on of business of the firm then application to Court shall be made by an partner who is not guilty of misconduct for dissolution of firm.
  • All of the above
A firm may be dissolved where ____ that it shall be dissolved.
  • All the partners agree
  • Majority of the partners agree
  • Partners by the majority agree
  • 3/4th partners agree
If all partners, or all but one partner, of the firm is declared insolvent____.
  • Firm is also declared insolvent
  • Solvent partner has to repay the debts of the firm
  • Firm is automatically dissolved
  • Firm can be continued
A, B, C are partners on death of B, A and C continue the firm's business. This is a case of____.
  • Dissolution of partnership
  • Dissolution of firm
  • Reconstitution of firm
  • Dissolution of firm name
Business of firm is completely stopped, its assets are realized, liabilities paid off and surplus distributed among partners according to their share in firm's property. This is known as -.
  • Dissolution of partnership
  • Dissolution of firm
  • Reconstitution of firm
  • Dissolution of firm name
In which of the following cases, the dissolution of partnership takes place even when there is no dissolution of the firm?
  • By the retirement of a partner
  • By the insolvency of a partner
  • By the death of a partner
  • All of the above
A partnership firm with one partner can continue.
  • False
  • Partly false
  • True
  • None of the above
Dissolution of partnership between all the partners of a firm is called -.
  • Dissolution of partnership
  • Dissolution of firm
  • Reconstitution of firm
  • Dissolution of firm name
A, B and C are in partnership A and C are adjudicated insolvent, while B wants to continue the firm.
  • Firm is also declared insolvent
  • B has to repay the debts of the firm
  • Firm is automatically dissolved and hence B cannot continue
  • The Court has to give order for dissolution
The Court may dissolve a firm, if a partner ____ commits breach of agreement relating to management of the affairs of the firm or the conduct of the firm's business.
  • Willfully
  • Persistently
  • Neither (A) nor (B)
  • Both (A) and (B)
Firm is automatically and compulsorily dissolved if ____.
  • All partners, or all but one partner, of firm is declared insolvent
  • Some event happens which makes it unlawful for business of the firm to be carried on or for the partners to carry it on in partnership
  • A or B
  • None of the above
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