11
If an innocent partner seeks dissolution of a firm under section 44(c) of the Indian Partnership Act, 1932, he has to satisfy the court that . . . . . . .
A)
The conduct of the other partner is calculated to prejudice the carrying on of the partnership business
B)
The partnership firm is not in a position to repay the loan borrowed from a Nationalized Bank
C)
The partnership firm has not gained profit in past three years
D)
There are no future prospects to the business of the firm
E)
None of these
Answer & Solution
Answer: Option
A
12
Goodwill of a partnership business is the property of the partnership
A)
Under Section 14
B)
Under Section 13
C)
Under Section 12
D)
Under Section 11
Answer & Solution
Answer: Option
A
13
The partnership at will can be dissolved by giving a notice of intention to dissolve the partnership to
A)
The managing partner
B)
The majority of the partners
C)
All the partners
D)
Either (A) or (B) or (C)
Answer & Solution
Answer: Option
C
14
A corporation can enter into a contract of partnership and become a partner of a firm. The statement is:
A)
True
B)
False
C)
Partly true
D)
None of the above
Answer & Solution
Answer: Option
A
15
Section 53 of the Indian Partnership Act, 1932, provides for
A)
Agreements in restraint of trade by the partners
B)
Right to restrain from use of firm name or property, of a partner after dissolution
C)
Right to restrain from use of firm name or property, of a partner during the subsistence of partnership
D)
All the above
Answer & Solution
Answer: Option
B
16
An express agreement by the creditor to discharge a retired partner and to look only to a continuing partner, for the partnership debts, is
A)
Void for want of consideration
B)
Voidable
C)
Invalid
D)
Valid
Answer & Solution
Answer: Option
D
17
A partner can retire by notice of intention to retire, where
A)
The partnership is at will
B)
The partnership is for a specified period
C)
Where a contract has been made between the partners for its determination
D)
None of the above
Answer & Solution
Answer: Option
A
18
Under section 55(1) of the Indian Partnership Act, 1932, goodwill can be taken into account
A)
When there is a general dissolution of the firm
B)
When the representative of a partner claims his share in the assets of the firm
C)
Both (A) and (B)
D)
Only (A) and not (B)
Answer & Solution
Answer: Option
C
19
Who among the following is a partner?
A)
A money lender sharing the profits
B)
A person sharing the profits of business carried on by all or any of them
C)
A person sharing the return arising from joint property
D)
A seller of goodwill sharing the profits of business
Answer & Solution
Answer: Option
B
20
In settling the account of a firm after dissolution, the goodwill shall:
A)
Be included in the assets
B)
It may be sold either separately or along with other property of the firm
C)
Both (A) and (B)
D)
None of above
Answer & Solution
Answer: Option
C
