BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Death of partner
|
|
|
Retirement of a partner
|
|
|
Insolvency of a partner
|
|
|
All of the above
|
Detailed explanation-1: -When a partner continuously commits a breach of the partnership agreement. In a case where a partner transfers the whole of his interest in the partnership firm to a third party. In a case where the business cannot be carried on except at a loss.
Detailed explanation-2: -Court can order a firm to be dissolved when a partner becomes insane. 8. Dissolution of partnership can not take place without intervention of the court. In case of dissolution of a firm, the firm ceases to conduct business and has to settle its accounts.
Detailed explanation-3: -(c) by the death of a partner; and (d) by the adjudication of a partner as an insolvent. Section43 DISSOLUTION BY NOTICE OF PARTNERSHIP AT WILL. (1) Where the partnership is at will, the firm may be dissolved by any partner giving notice in writing to all the other partners of his intention to dissolve the firm.
Detailed explanation-4: -Steps to Close the Books of Accounts (Dissolution of Partnership Firm)! On dissolution of a firm, the books of account will have to be closed but this cannot be done until the assets have been realised in cash or otherwise disposed of and all liabilities paid off as also the partners’ loans and capitals.