QUESTIONS Short Answer Questions (1 mark each) 1. What do you mean by partnershi

QUESTIONS
Short Answer Questions (1 mark each)
1. What do you mean by partnership?
2. Define partnership.
3. What is partnership deed?
4. What do you mean by fixed capital?
5. What do you mean by fluctuating capital?
6. What is current account of a partner?
7. What do you mean by Realisation Account?
8. What do you mean by insolvency of a partner?
9. What do you mean by a LLP?
10. What do you mean by dissolution of LLP?
Brief Answer Questions (2 marks each)
1. What are the differences between fixed capital method and fluctuating capital method?
2. How do you settle the accounts on dissolution of a firm?
3. What are the differences between dissolution of partnership and dissolution of firm?
4. What is the order of settlement of accounts on dissolution of a firm?
5. What are the conditions of dissolution of a firm by Court?
6. What are the conditions of compulsory dissolution of firm?
7. How do you treat goodwill on dissolution of a firm?
8. What are the features of LLP?
9. What are the circumstances for dissolution of LLP?
Short Essays (4 marks each)
1. Distinguish between the dissolution of a partnership and dissolution of a firm.
2. What are the different modes of dissolution of a partnership firm?
3. How do you settle the accounts of a partnership firm on its dissolution?
4. Briefly describe the legal position as to the settlement of firm’s debts and private debts.
5. Explain the steps in dissolution process of partnership firms.
6. What are the grounds for dissolution of firm through court?