21
Section 49 of the Indian Partnership Act, 1932 lays down the rule that in cases of firm debts and the separate debts of a partner
A)
The partnership property shall be applied first in payment of firm debts and the separate property of a partner shall be applied first in payment of his separate debts
B)
The partnership property and the separate property of a partner shall be applied first in payment of firm debt and thereafter in payment of separate debts of the partner
C)
The partnership property and the separate property of a partner shall be applied first in payment of separate debts of the partner and thereafter in payment of firm debts
D)
The partnership property shall be applied first in payment of the separate debts of the partners and the separate property of a partner shall be applied first in payment of firm debts, if the separate debts of the partner are more than the firm debt
Answer & Solution
Answer: Option
A
22
Mark the correct statement
A)
May carry on a business competing with that of the firm but subject to contract to the contrary, he may not use the firm name
B)
May carry on a business competing with that of the firm, but subject to contract to the contrary, he may not represent himself as carrying on the business of firm
C)
May carryon a business competing with that of the firm, but subject to contract to the contrary, he may not solicit the old customers who were dealing with the firm
D)
All are correct
Answer & Solution
Answer: Option
D
23
After the liabilities of the firm to creditors, on dissolution, have been satisfied, passing the remaining assets not sufficient to repay the capital in full, and one of the partner fails to pay his share on account of his insolvency, the solvent partners are
A)
Not bound to make up the share of losses of the insolvent partner
B)
Bound to make up the share of losses of the insolvent partner
C)
Bound to make up the share of losses of the insolvent partner only if directed by the court
D)
Either (A) or (C)
Answer & Solution
Answer: Option
A
24
When a minor, who was admitted to the benefits of Partnership becomes a partner upon attaining the age of majority, his personal liability commences from:
A)
The date of his first admission to benefit of partnership
B)
The date of majority, if he continues in partnership
C)
The date fixed by all the partners
D)
Only his assets or contributions to the partnership is liable
Answer & Solution
Answer: Option
A
25
Which of the following sections contains the provision regarding the position of a minor the Indian Partnership Act, 1932
A)
Section 30
B)
Section 31
C)
Section 32
D)
Section 33
Answer & Solution
Answer: Option
A
26
In which of the following cases, a partner may cease to be a partner without the dissolution of the firm?
A)
Retirement
B)
Insolvency
C)
Death
D)
All of these
Answer & Solution
Answer: Option
D
27
Which of the following is not a partnership?
A)
A club
B)
A debating society
C)
A resident's welfare association
D)
All of the above
Answer & Solution
Answer: Option
D
28
An admission made by a partner to be an evidence against the firm, under section 23 of the Indian Partnership Act, 1932 should
A)
Occur in connection with the affair of the firm
B)
Be made in the ordinary course of business
C)
Occur in connection with the affairs of the firm and be made in the ordinary course of business of the firm
D)
Occur in connection with the affairs of the firm or be made in the ordinary course of business of the firm
Answer & Solution
Answer: Option
C
29
Under section 41 of the Indian Partnership Act, 1932, a firm is liable to be compulsorily dissolved on the ground of
A)
Insolvency
B)
Illegality of business
C)
Both (A) and (B)
D)
Either (A) or (B)
Answer & Solution
Answer: Option
D
30
When a minor become a partner on attaining majority he becomes personally liable for all the acts of the firm.
A)
From the date of his attaining majority
B)
From the date of his becoming a partner
C)
Retrospectively from the date of his admission to the benefits of the firm
D)
From the date of the constitution of firm
Answer & Solution
Answer: Option
C
