21
Which of the following cannot be claimed by a partner as a matter of right?
A)
Right to take part in business
B)
Right to have access to account books
C)
Right to share profits
D)
Right to receive remuneration
Answer & Solution
Answer: Option
D
22
In absence of a contract between the partners, after a firm being dissolved every partner or his representative has a right
A)
To restrain any other partner or representatives from carrying on similar business in the firm name
B)
Has no right to restrain any other partner or representatives from carrying on similar business in the firm name
C)
Only (B) is correct
D)
None of above
Answer & Solution
Answer: Option
A
23
The period of limitation for a suit by a legal representative of the deceased partner for a share in the assets of the partnership is
A)
Three years from the end of the financial year in which the death of the partner has taken place
B)
Three years from the end of the calendar year in which the death of the partner has taken place
C)
Three years from the death of the deceased partner
D)
Either (A) or (B) or (C)
Answer & Solution
Answer: Option
C
24
The court can order for dissolution of firm under section 44(d) of the Act, where a partner is guilty of
A)
Wilful & persistent branch of agreement for management of affairs or conduct of business, of the firm
B)
Conducting in such a manner making it not reasonable practical for other partners to carryon business in partnership with him
C)
Either (A) or (B)
D)
Both (A) and (B)
Answer & Solution
Answer: Option
C
25
A person is liable as a partner of a partnership firm only if he is a partner by an express written contract.
A)
No, a person is liable as a partner by an implied contract provided thereafter the implied contract is got registered before the Sub Registrar
B)
No, a person is liable as a partner even by holding himself out as a partner of the partnership firm but only to that person who has on the faith of such holding out has given credit to the partnership firm
C)
A person who holds himself out as a partner will be liable as a partner of the firm only when the third person who deals with the partnership firm has informed the person holding out that he is acting with the firm on the basis of such holding out
D)
A person holding out is liable to a third person only if the third person has given a public notice
Answer & Solution
Answer: Option
B
26
Is a partner entitled to receive remuneration for the conduct of the business of the firm?
A)
Yes if there is such a contract between all the partners
B)
No not under any circumstance
C)
Yes if he alone is conducting the business of the firm
D)
Yes if he is working more than others
Answer & Solution
Answer: Option
A
27
Which of the following is not true of an Indian partnership?
A)
It is result of an agreement
B)
It is for carrying on a business
C)
The partners agree to share profits
D)
The business must be carried on and managed by all
Answer & Solution
Answer: Option
D
28
A minor, who has been admitted to the benefits of the partnership, under Section 30(5) of the Indian Partnership Act on attaining majority has to exercise an option, to stay or to leave the firm, within
A)
One month of attaining majority
B)
Six months of attaining majority
C)
90 days of attaining majority
D)
None of the above
Answer & Solution
Answer: Option
B
29
Which of the following enactments insist for a written agreement of partnership
A)
The Indian Partnership Act, 1932
B)
The Indian Contract Act, 1872
C)
The Indian Registration Act, 1908
D)
Neither (A) nor (B) nor (C)
Answer & Solution
Answer: Option
D
30
Assess the truth or falsity of the following statements by picking the right option under the Indian Partnership Act, 1932.Statement I: Consent of all existing partners is generally required for introduction of a new partner into a firm.Statement II: A partner may retire with the consent of all other partners in the firm.
A)
Only Statement 1 is true
B)
Only Statement 2 is true
C)
Only 1 and 2 are true
D)
Both 1 and 2 are false
Answer & Solution
Answer: Option
C
