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Law · Q416

Indian Partnership Act

Graduate and Post Graduate · Law · question 416

Q416

Under the proviso to section 50 of the Indian Partnership Act, 1932, the purchase of the goodwill of the firm, on dissolution

A.
Is not to account for the personal profits earned after dissolution and before winding up, in the final settlement of accounts
Answer
B.
Is to account for the personal profits earned after dissolution and before winding up, in the final settlement of accounts
C.
Is to account for the personal profits earned after dissolution and before winding up, in the final settlement of accounts only if the consideration for purchase of goodwill is inadequate
D.
Can be restrained from using the firm name after dissolution and before the winding up

Answer: Option A

Solution

Answer: Option A
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