21
Dissolution on the happening of contingencies as mentioned in section 42 of the Indian Partnership Act, 1932, is prevented by
A)
An express agreement to the contrary between the partners
B)
An implied agreement to the contrary between the partners
C)
Either (A) or (B)
D)
Only (A) and not (B)
Answer & Solution
Answer: Option
C
22
If suit filed by a firm which is not registered firm on date of filing of suit and also partners not shown in register of firms, suit will be
A)
Dismissed
B)
Not dismissed
C)
Dismissed within limitation period given for registration
D)
None of the above
Answer & Solution
Answer: Option
A
23
According to Section 44 of the Indian Partnership Act, 1932, the Court may dissolve a firm on the suit of a partner on any of the following grounds:
A)
Insanity
B)
Permanent incapacity
C)
Breach of agreement
D)
All of the above
Answer & Solution
Answer: Option
D
24
Where there is no assignment of right, title or interest in the earlier firm to the reconstituted firm, the original firm
A)
Can sue in the name of the firm for recovery of its claims accrued before its reconstitution
B)
Can be sued in the name of the firm in respect of its liabilities which accrued prior to change in its constitution
C)
Either (A) or (B)
D)
Neither (A) nor (B)
Answer & Solution
Answer: Option
C
25
Which one of the following is not correctly matched:
A)
Definition of Partnership ⇔ Section 4
B)
Partnership at Will ⇔ Section 7
C)
Expulsion of Partner ⇔ Section 33
D)
Authority of Partner in Emergency ⇔ Section 23
Answer & Solution
Answer: Option
D
26
Section 7 of the Indian Partnership Act provides for
A)
Partnership in a particular adventure or undertaking
B)
General partnership
C)
Partnership at will
D)
All the above
Answer & Solution
Answer: Option
C
27
General duties of partners have been laid down in
A)
Section 9 of the Act
B)
Section 10 of the Act
C)
Section 11 of the Act
D)
Section 13 of the Act
Answer & Solution
Answer: Option
A
28
The firm is liable to be compulsorily dissolved under section 41(b) of the Indian Partnership Act, 1932
A)
Where the business of the firm is illegal from the very beginning
B)
Where the business of the firm is lawful in the beginning but sub-sequently the business becomes unlawful
C)
Both (A) and (B)
D)
Either (A) or (B)
Answer & Solution
Answer: Option
B
29
The liability of a minor admitted to the benefits of the partnership, for the acts of the firm, is
A)
Personal
B)
His share in the firm
C)
Personal and his share in the firm
D)
His share in the firm only and not personal
Answer & Solution
Answer: Option
D
30
The liability of the partners for the acts of the firm, under section 25 of the Indian Partnership Act, 1932 is
A)
Joint
B)
Several
C)
Joint or several
D)
Joint and several
Answer & Solution
Answer: Option
D
