31
Which of the following is not an essential element of partnership?
A)
Contract between two or more persons
B)
Contract must be to carry on some business
C)
Contract must be to share profits of business
D)
Business must actively be carried on by all the partners
Answer & Solution
Answer: Option
D
32
Section 15 of the Indian Partnership Act is a statement of a
A)
Right of the partners
B)
Duty of the partners
C)
Privilege of the partners
D)
Liability of the partners
Answer & Solution
Answer: Option
B
33
Where a partner becomes insolvent he ceases to be the partner in the firm
A)
On the date on which order of adjudication in this regard is passed by a court of law
B)
On the date which is agreed by him with other partners for declaring him insolvent
C)
Either (A) or (B)
D)
Both (A) and (B)
Answer & Solution
Answer: Option
A
34
Partnership firm is created:
A)
When the partners enter into an agreement to create a partnership firm for conduct of a business
B)
When the business of the partnership firm is commenced
C)
Both the conditions are necessary
D)
Neither of the conditions is correct
Answer & Solution
Answer: Option
A
35
The rule of facit relocation is contained in
A)
Section 17 of the Indian Partnership Act
B)
Section 15 of the Indian Partnership Act
C)
Section 13 of the Indian Partnership Act
D)
Section 11 of the Indian Partnership Act
Answer & Solution
Answer: Option
A
36
Section 55(2) of the Indian Partnership Act, 1932 provides for
A)
The right of the partners to sell the goodwill of the firm
B)
Rights of the buyer and seller of the goodwill
C)
Agreement in restrain of trade upon sale of goodwill
D)
All the above
Answer & Solution
Answer: Option
B
37
The changes/dissolution/election of the minor on attaining majority, of a firm, has to be notified to the Registrar within
A)
Immediately on the occurrence
B)
60 days of the occurrence
C)
90 days of the occurrence
D)
No time limit prescribed
Answer & Solution
Answer: Option
D
38
Where a firm is named after the name of a partner, whether the partner intended to act for himself or for the firm, is
A)
A question of fact
B)
A question of law
C)
A mixed question of fact and law
D)
Either (B) or (C)
Answer & Solution
Answer: Option
A
39
In Commissioner of Income Tax v. Jaya Lakshmi Rice & Oil Mills, AIR 1971 SC 1015, it has been held
A)
Where a suit has been filed without registration, such suit can be rectified by subsequent registration
B)
Where a suit has been filed without registration, such suit cannot be rectified by subsequent registration
C)
Where a suit has been filed without registration, such suit can be rectified by subsequent registration with the leave of the court
D)
Where a suit has been filed without registration, such suit cannot be rectified by subsequent registration with the leave of the court
Answer & Solution
Answer: Option
B
40
The position of the partners, with respect to their liability for the acts of the firm, under section 25 of the Indian Partnership Act, 1932 is equated with
A)
Joint tort-feasor
B)
Joint promisors
C)
Independent tort-feasors
D)
All the above
Answer & Solution
Answer: Option
B
