Indian Partnership Act MCQ question and answer

41

Section 50 of the Indian Partnership Act, 1932, is an extension of the principle laid down under

A) Section 16(d) of the Act B) Section 16(c) of the Act C) Section 16(b) of the Act D) Section 16(a) of the Act

Discuss

Answer & Solution

Answer: Option D

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42

As regards the statements or intimation recorded or noted in the Register of firms, section 68 of the Indian Partnership Act, 1932, provides for its being

A) A presumption of fact against the person making the statement B) A rebuttable presumption of law against the person making the statement C) Either (A) or (B) D) An irrebuttable presumption of law against the person making the statement

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Answer & Solution

Answer: Option D

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43

A partnership cannot be constituted by

A) Two individuals B) Two Hindu joint families C) Both (A) and (B) D) Neither (A) or (B)

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Answer & Solution

Answer: Option B

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44

Agreement of partnership is . . . . . . . in ordinary course of business dealings

A) Necessary B) Not necessary C) Based on specific performance D) Conditional

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Answer & Solution

Answer: Option A

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45

A and B jointly purchased a tea shop. Each of them contributed half of the expense incurred for pottery and utensils. Then they leased out the shop and shared the rent equally. They are:

A) Partners B) Co-owners C) Co-obligants D) Agent of each other E) None of the above

Discuss

Answer & Solution

Answer: Option B

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46

Dissolution of a firm by court has been dealt with under

A) Section 44 of the Act B) Section 43 of the Act C) Section 46 of the Act D) Section 45 of the Act

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Answer & Solution

Answer: Option A

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47

An illustration of representation by conduct within the meaning of section 28 of the Indian Partnership Act, 1932, is

A) Bevan v. National Bank Ltd. B) Kirkwood v. Cheethan & Smith C) Porter v. Incell D) Tower Cabinet Co. v. Ingram

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Answer & Solution

Answer: Option C

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48

The distribution of surplus assets of the partnership firm, among the partners amounts to

A) Adjustment of the rights of the partners in the assents of the partnership B) Transfer of assets of the partnership C) Release of the assets of the partnership D) Relinquishment of the assets of the partnership

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Answer & Solution

Answer: Option A

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49

A person who has lent money to a person or firm engaged in a business and has agreed to take a proportion of the profits of the business in addition to or in lieu of his interest, does not by that reason alone becomes a partner, in the business, has been laid down in

A) Badeley v. Consolidated Bank B) Janes v. Whitbread C) Marconis Wireless Telegraph Co. v. Newman D) Price v. Groom

Discuss

Answer & Solution

Answer: Option A

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50

The Goodwill of a firm is stated to be an asset of the firm, in the Indian Partnership Act, 1932, under

A) Section 54 of the Act B) Section 55(1) of the Act C) Section 55(2) of the Act D) Section 55(3) of the Act

Discuss

Answer & Solution

Answer: Option B

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Indian Partnership Act MCQ question and answer | Law MCQ question