State whether the following statements are True or False with reasons.

1.	State whether the following statements are True or False with reasons.On dissolution Cash/Bank Account is closed automatically.
Answer» This statement is True. As the firm is dissolved, there is no question of any business activities to be carried out further and so Cash/Bank Account is also not necessary. Therefore on dissolution Cash/Bank Account is closed automatically.

State whether the following statements are True or False with reasons.On dissolution Cash/Bank Account is closed automatically.

Answer»

This statement is True.

As the firm is dissolved, there is no question of any business activities to be carried out further and so Cash/Bank Account is also not necessary. Therefore on dissolution Cash/Bank Account is closed automatically.

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State whether the following statements are True or False with reasons.On dissolution Cash/Bank Account is closed automatically.

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