Home › CA Foundation › businesslaw › Partnership › Under Section 47, after dissolution the authorit…
Under Section 47, after dissolution the authority of partners to bind the firm continues only:
ASo far as necessary to wind up the firm and complete unfinished transactions
BFor new business too
CFor all purposes indefinitely
DUntil the next financial year
Answer & Solution
Correct answer: A. So far as necessary to wind up the firm and complete unfinished transactions
Section 47 continues the partners' mutual authority only so far as necessary to wind up the firm's affairs and finish pending transactions; the firm is not bound by an insolvent partner's acts.
Related questions
A car uses 4 litres of petrol for 60 km. Its mileage in km per litre is:A man covers a distance in 6 hours at 40 km per hour. To cover it in 4 hours he must traveA man travels equal distances at 40 km per hour and at 60 km per hour. His average speed iA train 200 m long crosses a 100 m platform at 36 km per hour. It takes:A train 150 m long runs at 54 km per hour. The time it takes to pass a pole is:A car covers 300 km at 50 km per hour. At 75 km per hour the same trip would take:Zaheeda doubles her speed on the same route. The time she takes:A journey takes 120 km at a steady 60 km per hour. The time taken is: