Dissolution of Partnership Firm Quiz
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1. What is the first step in the dissolution of a partnership firm?
Settlement of accounts · Distribution of assets · Closing of business · Filing of dissolution deed
2. Which of the following is NOT a reason for the dissolution of a partnership firm?
Mutual consent · Expiry of partnership term · Death of a partner · Increase in profit
3. In the absence of a partnership agreement, how are profits shared upon dissolution?
Equally among partners · According to capital contribution · Based on seniority · As per mutual agreement
4. What happens to the liabilities of the firm upon dissolution?
They are canceled · They must be settled · They are transferred to partners · They are ignored
5. Which document is essential for recording the dissolution of a partnership?
Partnership deed · Dissolution deed · Balance sheet · Profit and loss account
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