Question : In which condition a partnership firm is deemed to be dissolved?
Option 1: On admission of a partner
Option 2: On retirement of a partner
Option 3: On loss in partnership
Option 4: On expiry of the period of partnership
Correct Answer: On expiry of the period of partnership
Solution : Answer = On expiry of the period of partnership. The dissolution of a firm involves a complete breakdown of relations between the partners. In case of dissolution of the firm, the business of the firm is closed down. Hence, the correct option is 4.
Question : Which of the following is not true with respect to Admission of a partner?
Question : In case of admission of a partner Sacrificing ratio is used to distribute ___________
Question : Gain/loss on revaluation at the time of change in profit sharing ratio of existing partners is shared by ______(i)_____ whereas in case of admission of a partner, it is shared by _____(ii)_____.
Question : Distribution of 'profit and loss (credit) at the time of change in profit sharing ratio of existing partners is shared by ______(i)_____ whereas in case of admission of a partner, it is shared by_____(ii)_____.
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