Indian Partnership Act MCQ question and answer

21

In the absence of any contract/agreement between the partners, the profits and losses would be

A) Shared equally among the partners B) Shared in the capital ration of the partners C) Shared in accordance to the decision of managing partner D) None of the above

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Answer & Solution

Answer: Option A

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22

Clause (b) of section 19(2) of the Indian Partnership Act, 1932 owes its origin to a declaration made in

A) Stead v. Salt B) Alliance Bank Ltd. v. Keansley C) Ram Bharose v. Kallu Mal D) Mohammad Akbar v. Dwaraka Nath

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Answer & Solution

Answer: Option B

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23

If a minor, admitted to the benefits of the firm, on attaining majority, fails to give public notice of his intention to become or not to become a partner, within the prescribed six months, by virtue of proviso to section 30(5) of the Act, he

A) Automatically becomes a partner in the firm after the expiry of said six months B) Automatically ceases to be a partner in the firm after the expiry of said six months C) Becomes a partner in the firm after the expiry of the said six months only if all the partners consent to it D) Either (A) or (C)

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Answer & Solution

Answer: Option A

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24

The right to sue for the realisation of the assets of the dissolved firm by a partner of an unregistered firm, under section 69(3) of the Indian Partnership Act, 1932, a partner can sue

A) A third party B) A co-partner C) Both a third party and a co-partner D) Either a third party or a co-partner

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Answer & Solution

Answer: Option C

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25

When a minor who was admitted to the benefits of the firm, on attaining majority becomes a partner in the firm, his share in the property and the firm shall

A) Remain the same as it was during the minority B) Be equal with all other partners C) Be adjusted in proportion of the capital contribution D) Be kept marginally lower than the existing partners

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Answer & Solution

Answer: Option A

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26

When creditors continues to deal with the reconstituted firm after he is informed of the retirement of a partner and the agreement of release, the liability of the retiring partner towards the creditors

A) Comes to an end B) Still remains C) Partly comes to an end and partly remains D) Either (A) or (C)

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Answer & Solution

Answer: Option A

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27

Transfer of his share in the firm by a firm

A) By itself operates as a dissoiution of the firm B) Gives the other partner(s) a right to sue for dissolution on that ground C) Neither (A) nor (B) D) Either (A) or (B)

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Answer & Solution

Answer: Option B

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28

Implied authority of partner as agent of the firm under section 19 of the Partnership Act does not empower him to

A) Compromise or relinquish any claim by the firm B) Withdraw a suit filed on behalf of the firm C) Admit any liability in a suit against the firm D) All these

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Answer & Solution

Answer: Option D

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29

Rights of an outgoing partner have been provided under

A) Section 36 and section 38 B) Section 36 and section 37 C) Section 36, section 37 and section 38 D) Section 38 only

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Answer & Solution

Answer: Option B

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30

The right of a partner under section 46 of the Indian Partnership Act, 1932 extends

A) Over the property of the firm B) To separate interest of each partner in such property C) Both (A) and (B) D) Only (A) and not (B)

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Answer & Solution

Answer: Option C

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Indian Partnership Act MCQ question and answer | Law MCQ question