51
The proper remedy for breach of duty imposed on a partner under section 11 of the Indian Partnership Act, 1932 is
A)
A claim for profits of the business
B)
Dissolution of the firm
C)
Both (A) and (B)
D)
Either (A) or (B)
Answer & Solution
Answer: Option
B
52
Under section 10 of the Indian Partnership Act, 1932 every partner is under a duty:
A)
To render true accounts and full information
B)
To indemnify the firm for any loss caused to it by his fraud in the conduct of the business of the firm
C)
Not to carry on any business other than that of the firm
D)
To be just and faithful to each other
Answer & Solution
Answer: Option
B
53
Public notice about any infonnation relating to partner or firm may be given under the Indian Partnership Act, 1932 according to
A)
Section 52
B)
Section 62
C)
Section 42
D)
Section 72
Answer & Solution
Answer: Option
D
54
The principles governing the dissolution of a firm have been dealt with under
A)
Chapter 5 of the Act
B)
Chapter 6 of the Act
C)
Chapter 4 of the Act
D)
Chapter 7 of the Act
Answer & Solution
Answer: Option
B
55
The maximum number of partners in a partnership, has been provided under
A)
The Indian Partnership Act, 1932
B)
The Indian Companies Act, 1956
C)
The Indian Contract Act, 1872
D)
The Indian Trusts Act, 1882
Answer & Solution
Answer: Option
B
56
The Limited Liability Partnership Firms (LLPs) under the provisions of the Limited Liability Partnership Act, 2008 (6 of 2009) within the meaning of its section 3 and sections 11 to 21, is a
A)
Body corporate under the Limited Liability Partnership Act, 2008
B)
Body corporate under the Companies Act, 1956
C)
Body corporate under the Indian Partnership Act, 1932
D)
Body corporate under the Securities and Exchange Board of India Act, 1992
Answer & Solution
Answer: Option
A
57
A' has lent money to 'P & Q' firm engaged in the cement business and has agreed to take in addition to, or in place of his interest, a portion of the profits of the firm business. It can be said that
A)
A' is a partner as well as a creditor of the 'P & Q' firm
B)
A' is a partner in 'P & Q' firm
C)
A' is not a partner in the 'P & Q' firm
D)
None of these
Answer & Solution
Answer: Option
C
58
Which of the following is not an essential requisite for creating a partnership as per Section 4 of the Partnership Act?
A)
An agreement to carryon a business
B)
Sharing of profits
C)
Sharing of losses
D)
Business to be carried by all or any of them acting for all
Answer & Solution
Answer: Option
C
59
The rights and duties of a partner contained in section 12 of the Indian Partnership Act, 1932 are
A)
Subject to the provision of the Indian Partnership Act, 1932
B)
Subject to a contrary arrangement between the partners
C)
Subject to the provisions of the Indian Contract Act, 1872
D)
Subject to the provisions of the Indian Trusts Act, 1882
Answer & Solution
Answer: Option
B
60
A firm is liable for the misapplication by a partner, under section 27 of the Indian Partnership Act, 1932, where
A)
The property is received by the firm in the course of its business and the property is misapplied by any partner
B)
The property is received by a partner within or without his apparent authority
C)
Both (A) and (B)
D)
Neither (A) nor (B)
Answer & Solution
Answer: Option
A
