alleryStart learning →Until winding up is complete, a partner may restrain use of what for personal gain?
AFirm name, assets
BOwn house or flat
COwn savings fund
DPublic property
Answer & Solution
Correct answer: A. Firm name, assets
Absent contrary contract, a partner can restrain use of the firm name or property for personal gain until affairs are wound up.
Keep practising Dissolution of a Firm
Browse all Dissolution of a Firm questions for CA Foundation, or explore more Accounting topics.
Related questions
A partner rescinds a partnership for fraud. What does he hold over the surplus assets?Subject to contract, the adjudication of one partner as insolvent does what?A firm runs several adventures and one becomes illegal. What of the lawful ones?What does an event making the firm's business unlawful do to the firm?A loss of 30,000 arises and the firm has a profit reserve of 10,000. How much falls on capCash from sale is 90,000 and outside liabilities are 30,000. How much reaches partners?Capitals are A 50,000, B 30,000, sharing equally. After a loss of 20,000, what is A's capiAssets of book value 1,20,000 sell for 1,05,000. A, B, C share equally. Each bears what lo