Match List-I with List-II:List-IList-II(A) Meaning of Dissolution(I) Section 49 of the Partnership Act, 1932(B) Application of Assets(II) Section 39 of the Partnership Act, 1932(C) Private Debts Vs Firm's Debts(III) Section 4 of the Partnership Act, 1932(D) Nature of Partnership(IV) Section 48 of the Partnership Act, 1932Choose the correct answer from the options given below:
- A(A) - (III), (B) - (I), (C) - (II), (D) - (IV)
- B(A) - (II), (B) - (IV), (C) - (III), (D) - (I)
- C(A) - (II), (B) - (I), (C) - (IV), (D) - (III)
- D(A) - (II), (B) - (IV), (C) - (I), (D) - (III)
Solution & Step-by-step Explanation
The provisions of the Indian Partnership Act, 1932 outline specific definitions and protocols for partnership firms:Meaning of Dissolution: Section 39 defines the dissolution of a partnership between all the partners of a firm.Application of Assets: Section 48 deals with the mode of settlement of accounts between partners after the dissolution of the firm, detailing how assets are applied.Private Debts Vs Firm's Debts: Section 49 deals with the application of firm's property and private property to clear firm's debts and private debts respectively.Nature of Partnership: Section 4 defines the basic nature and legal definition of a partnership.Therefore, the correct mapping is:(A) (II), (B) (IV), (C) (I), (D) (III).