MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Dissolution of Partnership vs Firm

If all but on...

Question

If all but one partner are insolvent it is a dissolution of .

A

the business

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

an agreement

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

a firm

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

D

a partnership

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C a firm
If all but one partner, are insolvent it is a dissolution of a firm.
In case of dissolution of a firm, the firm is wound up. It involves the dissolution of partnership between all partners.

Suggest Corrections

thumbs-up

0

Similar questions

Q. When all or all but one of the partners of the firm becomes insolvent and results in dissolution , this type is called dissolution.

Q. In a partnership firm one partner is solvent and rest all partner becomes insolvent. What will be the effect on partnership firm?

Q. X, .Y and Z are partners. The majority of the partners decide t dissolve the firm. Discuss the legal position.in?each of the following alternative cases
Case (a): If the partnership agreement is silent.
Case (b) If the, partnership agreement provides for dissolution by. mutual . agreement only.
Case(c): It.the partnership agreement provides for dissolution. by any. majority of the .partner

If all the partners, but one are insolvent it is __________

Q. The dissolution of partnership between all partners of a firm is called _________.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Dissolution of Partnership Vs Firm

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Dissolution of Partnership vs Firm

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon