{"id":57812,"date":"2024-04-16T01:08:33","date_gmt":"2024-04-16T01:08:33","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=57812"},"modified":"2024-04-16T01:08:33","modified_gmt":"2024-04-16T01:08:33","slug":"which-of-the-following-are-the-consequences-in-case-of-insolvency-of-partner-1-the-partner-adjudicated-as-insolvent-ceases-to-be-a-partner-2-he-ceases-on-the-date-on-which-the-order-of-adjudicatio","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-are-the-consequences-in-case-of-insolvency-of-partner-1-the-partner-adjudicated-as-insolvent-ceases-to-be-a-partner-2-he-ceases-on-the-date-on-which-the-order-of-adjudicatio\/","title":{"rendered":"Which of the following are the consequences in case of insolvency of partner? 1. The partner adjudicated as insolvent ceases to be a partner. 2. He ceases on the date on which the order of adjudication is made. 3. The firm is dissolved on the date of the order. 4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication. 5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication. Select the correct answer:"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a97816aa7bdc\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Only 5                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Both 4 and 5                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    3, 4 and 5                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"true\">\r\n                    1, 2 and 3                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is D. 1, 2 and 3.<\/p>\n<p>The consequences of insolvency of a partner are as follows:<\/p>\n<ol>\n<li>The partner adjudicated as insolvent ceases to be a partner. This is because the partnership agreement is terminated by the insolvency of a partner.<\/li>\n<li>He ceases on the date on which the order of adjudication is made. This is because the order of adjudication is the date on which the partner is declared insolvent.<\/li>\n<li>The firm is dissolved on the date of the order. This is because the partnership agreement is terminated by the insolvency of a partner.<\/li>\n<li>The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication. This is because the estate of the insolvent partner is liable for the debts of the partner, including the debts of the firm.<\/li>\n<li>The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication. This is because the firm is still liable for the debts of the partner, even after the partner has <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> been declared insolvent.<\/li>\n<\/ol>\n<p>However, it is important to note that the consequences of insolvency of a partner may vary depending on the jurisdiction. It is always advisable to consult with a lawyer to get specific advice on the consequences of insolvency of a partner in your jurisdiction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Which of the following are the consequences in case of insolvency of partner? 1. The partner adjudicated as insolvent ceases to be a partner. 2. He ceases on the date on which the order of adjudication is made. 3. The firm is dissolved on the date of the order. 4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication. 5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication. Select the correct answer:<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-are-the-consequences-in-case-of-insolvency-of-partner-1-the-partner-adjudicated-as-insolvent-ceases-to-be-a-partner-2-he-ceases-on-the-date-on-which-the-order-of-adjudicatio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Which of the following are the consequences in case of insolvency of partner? 1. The partner adjudicated as insolvent ceases to be a partner. 2. He ceases on the date on which the order of adjudication is made. 3. The firm is dissolved on the date of the order. 4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication. 5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication. Select the correct answer:\" \/>\n<meta property=\"og:description\" content=\"Subscribe on YouTube\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-are-the-consequences-in-case-of-insolvency-of-partner-1-the-partner-adjudicated-as-insolvent-ceases-to-be-a-partner-2-he-ceases-on-the-date-on-which-the-order-of-adjudicatio\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T01:08:33+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Which of the following are the consequences in case of insolvency of partner? 1. The partner adjudicated as insolvent ceases to be a partner. 2. He ceases on the date on which the order of adjudication is made. 3. The firm is dissolved on the date of the order. 4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication. 5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication. Select the correct answer:","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-are-the-consequences-in-case-of-insolvency-of-partner-1-the-partner-adjudicated-as-insolvent-ceases-to-be-a-partner-2-he-ceases-on-the-date-on-which-the-order-of-adjudicatio\/","og_locale":"en_US","og_type":"article","og_title":"Which of the following are the consequences in case of insolvency of partner? 1. The partner adjudicated as insolvent ceases to be a partner. 2. He ceases on the date on which the order of adjudication is made. 3. The firm is dissolved on the date of the order. 4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication. 5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication. Select the correct answer:","og_description":"Subscribe on YouTube","og_url":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-are-the-consequences-in-case-of-insolvency-of-partner-1-the-partner-adjudicated-as-insolvent-ceases-to-be-a-partner-2-he-ceases-on-the-date-on-which-the-order-of-adjudicatio\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-16T01:08:33+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-are-the-consequences-in-case-of-insolvency-of-partner-1-the-partner-adjudicated-as-insolvent-ceases-to-be-a-partner-2-he-ceases-on-the-date-on-which-the-order-of-adjudicatio\/","url":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-are-the-consequences-in-case-of-insolvency-of-partner-1-the-partner-adjudicated-as-insolvent-ceases-to-be-a-partner-2-he-ceases-on-the-date-on-which-the-order-of-adjudicatio\/","name":"Which of the following are the consequences in case of insolvency of partner? 1. The partner adjudicated as insolvent ceases to be a partner. 2. He ceases on the date on which the order of adjudication is made. 3. The firm is dissolved on the date of the order. 4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication. 5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication. Select the correct answer:","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-16T01:08:33+00:00","dateModified":"2024-04-16T01:08:33+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-are-the-consequences-in-case-of-insolvency-of-partner-1-the-partner-adjudicated-as-insolvent-ceases-to-be-a-partner-2-he-ceases-on-the-date-on-which-the-order-of-adjudicatio\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-are-the-consequences-in-case-of-insolvency-of-partner-1-the-partner-adjudicated-as-insolvent-ceases-to-be-a-partner-2-he-ceases-on-the-date-on-which-the-order-of-adjudicatio\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-are-the-consequences-in-case-of-insolvency-of-partner-1-the-partner-adjudicated-as-insolvent-ceases-to-be-a-partner-2-he-ceases-on-the-date-on-which-the-order-of-adjudicatio\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"accounting","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/accounting\/"},{"@type":"ListItem","position":4,"name":"Which of the following are the consequences in case of insolvency of partner? 1. The partner adjudicated as insolvent ceases to be a partner. 2. He ceases on the date on which the order of adjudication is made. 3. The firm is dissolved on the date of the order. 4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication. 5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication. Select the correct answer:"}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/d97f17072bfa490596c8f78363955d55?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d97f17072bfa490596c8f78363955d55?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/57812"}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=57812"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/57812\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=57812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=57812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=57812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}