Adjustments Incase of Death of a Partner

Q.

In case of death of a partner :

1. none of the above

2. the existing partner enjoys the share of deceased partner

3. the estate of the deceased partner is not liable for any act of the firm after the date of his death if no public notice is given.

4. the firm is dissolved unless otherwise agreed

Q.

If a partner died in the middle of the financial year, it means that the profits they earn till that period belongs _______

1. computation of profits upto the date of death

2. dissolving the firm

3. his heirs joining the firm

4. result in continuance of the business of the firm

Q. Are partners by estoppel held liable for the debts of the firm?

Q. Give the word / term or phrase which can substitute each of the following statement.

To close the business of partnership firm.

Q. The loss of a firm when all the partners are insolvent is to be borne by ______________.

1. Government
2. Debtors
3. Partners
4. Creditors

Q. Under _______ there have been made rules regarding the dissolution of him.

1. Indian partnership Act section 35
2. Indian partnership Act section 39
3. Companies Act section 48
4. Companies Act section 45

Q. A, B and C are partners. If C died in the middle of the financial year, it means that the profits they earn till that period belongs to .

1. the partner who died
2. remaining partners
3. all the partners
4. none of the partners