A compulsory dissolution of the firm takes place under the following circumstances: 1. Where the business becomes illegal I. Where all the partners or all except one partner dies II. Where only one partner, become insolvent or insane rendering him incompetent to sign a contract. 1, II, III II, II I, I I, II

A compulsory dissolution of the firm takes place under the following circumstances: 1. Where the business becomes illegal I. Where all the partners or all except one partner dies II. Where only one partner, become insolvent or insane rendering him incompetent to sign a contract. 1, II, III II, II I, I I, II

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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