Indian Partnership Act MCQ question and answer

11

The act of a partner within his implied authority must be done

A) In the name of the firm B) In a manner expressing or implying an intention to bind the firm C) Either (A) or (B) D) None of the above

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Answer & Solution

Answer: Option B

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12

Under section 28 of the Indian Partnership Act, 1932, which of the following are not liable

A) Estate of a deceased partner B) Estate of the insolvent partner C) Both (A) and (B) D) Neither (A) nor (B)

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Answer & Solution

Answer: Option C

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13

Under Section 2(b) of the Indian Partnership Act, 'business' includes

A) Every trade and occupation B) Every occupation and profession C) Every trade, occupation and profession D) Every trade and profession

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Answer & Solution

Answer: Option C

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14

Maintainability of a suit by a partnership firm, under section 69 of the Indian Partnership Act, 1932 is

A) A question of fact B) A question of law C) A mixed question of fact & law D) Either (B) or (C)

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Answer & Solution

Answer: Option B

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15

The principle of holding out, mentioned under Section 28 of the Indian Partnership Act, 1932 is based on the principle of

A) Joint liability under the Indian Penal Code B) Constructive liability under the Indian Penal Code C) Joint liability under the Indian Contract Act D) Estoppels under the Indian Evidence Act

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Answer & Solution

Answer: Option D

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16

On becoming a partner, on attaining majority by a minor who was admitted to the benefits of the firm, his personal liability, under section 30(7) of the Act, for the acts of the firm, commences from

A) The date of majority B) The date of exercising the option C) The date of admission to the benefits of the firm D) The date as decided by the partners themselves

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Answer & Solution

Answer: Option C

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17

Where a minor has been admitted to the benefits of the partnership but he does not know that he has been so admitted, the option to stay in the partnership or to move out, on attaining majority under section 30(5) of the Act has to be exercised within

A) Six months of attaining majority B) Six months of acquiring the knowledge of being so admitted into the firm C) Six months of attaining majority or six months of acquiring the knowledge of being so admitted into the firm, whichever is earlier D) Six months of attaining majority or six months of acquiring the knowledge of being so admitted into the firm, whichever is later

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Answer & Solution

Answer: Option D

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18

Which one of the following is incorrect? Under the Partnership Act, a minor who has been admitted to partnership when attains majority should adhere to the following:

A) Issue a public notice that he has elected to become or that he has elected not to become a partner B) Option must be exercised within 2 months on attaining majority C) When the minor opted to become a partner his rights and liabilities as a minor continue upto the date on which he becomes a partner D) When the minor opted not to become a partner his rights and liabilities shall continue upto the date on which he gives a public notice

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Answer & Solution

Answer: Option B

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19

Under the scheme of the Indian Partnership Act, 1932, the registration of a firm is

A) Compulsory B) Optional C) Not required D) Prohibited

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Answer & Solution

Answer: Option B

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20

In a suit for dissolution and accounts of a firm which carried on business outside India, the relevant date for determining the exchange rate

A) Is the date on which the suit was instituted B) Is the date on which the preliminary decree is passed C) Is the date on which the final decree is passed D) Is the date on which the accounts had been closed and the business wound up

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Answer & Solution

Answer: Option D

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Indian Partnership Act MCQ question and answer | Law MCQ question