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CMA Intermediate · Financial Accounting · Accounting of Limited Liability Partnership

Match the conversion provisions of the LLP Act, 2008 correctly: a firm, a private company and an unlisted public company convert respectively under which Schedules?

A firm converts under the Second Schedule (Section 55), a private company under the Third Schedule (Section 56) and an unlisted public company under the Fourth Schedule (Section 57) of the LLP Act, 2008.

  1. ASecond, Third and Fourth ScheduleCorrect
  2. BThird, Second and Fourth Schedule
  3. CSecond, Fourth and Third Schedule
  4. DFourth, Third and Second Schedule

Explanation

Section 55 (firm) refers to the Second Schedule, Section 56 (private company) to the Third Schedule and Section 57 (unlisted public company) to the Fourth Schedule. The other options interchange them.

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