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ACCOUNT

JAMB 2023 - Question 32

Account 2023 JAMB Past Questions - Question 32: Given:I. Settlement of debtsII. Cessation of businessIII. Introduction of assetsIV. Disposal of assetsWhich of these constitutes dissolution of partnership?

Given:

I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets

Which of these constitutes dissolution of partnership?

A: I,II and III only

B: I,II and IV only

C: II and IV only

D: II and III and IV only

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Correct Answer

Explanation

Bankruptcy of a partner, illegality of object of the business, expiration of the time given, non performance of the business, admission of a new partner, withdrawal or retirement of partners give rise to dissolution of partnership.