Indian Partnership Act MCQ question and answer

31

In the absence any contract between the partners, a partner making advance or payment beyond the amount of capital introduced by him, is entitled to interest thereon at the rate of

A) 12% per annum B) 6% per annum C) 118% per annum D) No interest at all

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Answer & Solution

Answer: Option B

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32

Dissolution of a firm occurs when:

A) Dissolution of partnership between all the partnerships B) Dissolution of ¹/₂ of partnership C) Dissolution of ²/₃ of partnership D) At least one leaves the firm

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Answer & Solution

Answer: Option A

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33

The maxim 'socii mei socius meu socius non est' means

A) My partner's partner is not necessarily my partner B) My partner's partner is necessarily my partner C) The partnership has become illegal D) The partnerships stands dissolved by the 'act of God'

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Answer & Solution

Answer: Option A

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34

A partner doing an act on behalf of the firm which he is not authorized to do, it open to the other partners to

A) Ratify or disclaim whole transaction B) Ratify a part of the transaction and repudiate the remainder C) Either (A) or (B) D) Neither (A) nor (B)

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Answer & Solution

Answer: Option A

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35

Where a partner is authorised to recover dues of the partnership and spend the same for the business of the partnership, and if he does not deposit the money so collected in the bank, the partner is

A) Guilty of criminal breach of trust B) Accountable civilly to the other partners C) Both (A) and (B) D) Either (A) or (B)

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Answer & Solution

Answer: Option B

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36

If arbitration proceedings commence to adjudicate disputes then question for dissolution of partnership should be settled by arbitrators. The statement

A) Is correct B) Depends upon proceedings C) Depends upon parties D) Is incorrect

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Answer & Solution

Answer: Option A

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37

Which of the following is not a suit for the realisation of assets of an unregistered dissolved firm

A) A suit by a partner of an unregistered dissolved firm to recover damages for breach of a contract B) A suit by a partner of an unregistered dissolved firm for recovery of money after a suit during the continuance of partnership was dismissed C) A suit by former partners of an unregistered dissolved firm for compensation for nondelivery of consignment D) Neither (A) nor (B) nor (C)

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Answer & Solution

Answer: Option D

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38

Under section 25 of the Indian Partnership Act, 1932, the liability of the partners is joint and several for the acts of the firm

A) Which are in the nature of wrongs/tort B) Which are in breach of a contract C) Irrespective of whether the acts of the firm are in the nature of wrongs or in breach of a contract D) Only (B) and not (A)

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Answer & Solution

Answer: Option C

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39

Rights of partners to have the business wound up after dissolution has been provided under

A) Section 46 of the Act B) Section 45 of the Act C) Section 48 of the Act D) Section 47 of the Act

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Answer & Solution

Answer: Option A

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40

In case of dissolution by notice under section 43 of the Act, the dissolution of the firm takes effect from the date

A) On which the notice is sent B) On which the notice is received C) Mentioned in the notice as the date of dissolution D) As decided by the partners

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Answer & Solution

Answer: Option C

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Indian Partnership Act MCQ question and answer | Law MCQ question