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P1 C7 DISSOLUTION OF PARTNERSHIP — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C7 DISSOLUTION OF PARTNERSHIP3 Marks
Question
State whether the following are true or false. Ractify the false statement:
$(1)$ In a partnership firm the firm is dissolved if all the partners except one get retirement.
$(2)$ The court can interfere in the dissolution of a partnership firm.
$(3)$ Personal assets cannot be utilized for paying the debts of a partnership firm.
✓

Answer

$1.$ True
$2.$ True
$3.$ False. Personal assets can be utilized for paying the debts of a partnership firm.

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