In settling the account after dissolution, the firm's assets shall be first applied in:

Related MCQs

• In settling the account of the firm after dissolution, the assets of a firm are to be applied in paying
• 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 —
• 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 —
• 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:
• The partners authority to act for the firm and to bind their co-partners continues even after the dissolution of the firm:
• 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:
• The unrepealed provisions of the Act shall continue to apply to firms, save insofar as they are inconsistent with the express provisions of the Partnership Act.
• Any person who supplies false information to the Registrar of firms, shall be liable to punishment with imprisonment upto ………
• The Register of firms shall be open to inspection: