Practicing Success
Match List I with List II
Choose the correct answer from the options given below : |
A-III, B-I, C-IV, D-II A-IV, B-II, C-III, D-I A-III, B-IV, C-I, D-II A-I, B-III, C-II, D-IV |
A-III, B-I, C-IV, D-II |
The correct answer is option 1-A-III, B-I, C-IV, D-II. * Dissolution by Agreement- In accordance with contract between partners. * Dissolution by court- When a partner becomes insane * Compulsory dissolution- Event making it unlawful for partners to carry on business. * On happening of certain Contingencies- By the completion of venture. Dissolution of a firm takes place in any of the following ways: 1. Dissolution by Agreement: A firm is dissolved : (a) with the consent of all the partners or (b) in accordance with a contract between the partners. 2. Compulsory Dissolution: A firm is dissolved compulsorily in the following cases: 3. On the happening of certain contingencies: Subject to contract between the partners, a firm is dissolved : 4. Dissolution by Notice: In case of partnership at will, the firm may be dissolved if any one of the partners gives a notice in writing to the other partners, signifying his intention of seeking dissolution of the firm. 5. Dissolution by Court: At the suit of a partner, the court may order a partnership firm to be dissolved on any of the following grounds: |