In settling the account of the firm after dissolution, the assets of a firm are to be applied in paying

Related MCQs

• In settling the account after dissolution, the firm's assets shall be first applied in:
• Identify the incorrect statements: (1) When a firm is constituted for a fixed duration it cannot be dissolved before the expiry of that duration. (2) A partnership at will can be dissolved by the wish of even a single partner. (3) When a partner of a firm becomes lunatic, the firm dissolves automatically. (4) Even after dissolution, partners of a firm continue to be liable for acts of the firm until the affairs of the firm are finally wound up. Code:
• Upon dissolution, the firm's assets after settlement of the debts of the firm to third parties and partners' Loans, shall then be applied in —
• The partners authority to act for the firm and to bind their co-partners continues even after the dissolution of the firm:
• A, B and C are partners of an unregistered firm. D owns this firm ` 1000 on a contract. The firm filed a suit against D the suit is dismissed for non-registration of the firm. The firm is registered later on. In this case which one of the following statements is MOST appropriate.
• Where the goodwill of the firm is sold after dissolution, a partner may carry on a business, competing with that of the buyer and he, subject to the agreement between the buyer and him self, may not:
• After a firm is dissolved, every partner or his representative may restrain any other partner or his representative from carrying on similar business in the firm's name or by using firm's property for own benefit, until:
• Dissolution of partnership between all the partners of a firm is called:
• Upon dissolution of firm, losses, including deficiencies of capital, shall be paid first:
• Upon dissolution of firm, losses, including deficiencies of Capital, shall be paid first out of Profits and then out of Capital and finally —