Class XII

In what circumstances a partnership firm can be dissolve?
  1. -------------------------------------------------------------------------------- When all partners become insolvent
  2. When Capital account of a partner shows negative balance
  3. Both When all partners become insolvent and When business of the firm become unlawful
  4. When business of the firm become unlawful
When a partner capital account shows a debit balance, his loan account should be transferred to his Capital account by what amount
  1. 20 % amount
  2. Whole amount
  3. To the extent of Debit Balance
  4. 50 % amount
According to Indian Partnership Act 1932 Dissolution of firm means:
  1. -------------------------------------------------------------------------------- Dissolution of partnership between the main partners
  2. Dissolution of Partnership between all the partners
  3. Change in the ratio of partners
  4. End of the personal relationship among the partners
Creditor’s paid ₹58000 in full settlement of 65000. By what amount Bank account should be credited
  1. 58000 ----------------------------------------- ₹58000
  2. ₹65000
  3. ₹8000
  4. ₹7000
Can a partner’s loan be transferred in his capital account?
  1. Not at all
  2. If capital account shows a positive figure
  3. If capital account shows a negative figure
  4. On special request of a partner
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