61
Which of the following is an exception to the partnership at will, as provided under section 7 of the Indian Partnership Act, 1932
A)
Where there is a provision for the duration of the partnership
B)
Where there is a provision for determination of the partnership
C)
Both (A) and (B)
D)
Only (A) and not (B)
Answer & Solution
Answer: Option
C
62
For the purposes of income-tax, a partnership firm
A)
Can be assessed as an entity distinct and separate from its partners
B)
Cannot be assessed as an entity separate and distinct from its partners
C)
Can be assessed as an entity distinct and separate from its partners only with the permission of the court
D)
Can be assessed as an entity distinct and separate from its partners only if all the partners agree for the same
Answer & Solution
Answer: Option
A
63
Section 38 of the Indian Partnership Act, 1932 provides for
A)
Continuation of continuing guarantee by change in the constitution of the firm
B)
Revocation of the continuing guarantee by change in the constitution of the firm
C)
Both (A) and (B)
D)
Alteration/modification of the continuing guarantee according to the change in the constitution of the firm
Answer & Solution
Answer: Option
B
64
When Partnership is for particular adventures/undertakings, then it is knows as
A)
Partnership at will
B)
Particular partnership
C)
Joint Partnership
D)
None of the above
Answer & Solution
Answer: Option
B
65
The modes of dissolution of a firm provided under the Indian Partnership Act, 1932 are
A)
Exhaustive
B)
Illustrative
C)
Inclusive
D)
Only (B) and not (A) or (C)
Answer & Solution
Answer: Option
A
66
Under section 14 of the Indian Partnership Act, 1932, the property thrown into the common stock at the commencement of the business
A)
Becomes the property of the firm
B)
Remains the individual property of the partners in the shares contributed by them
C)
Becomes the individual property of the partners in equal shares irrespective of their contributions and profit sharing ratio
D)
Either (A) or (C)
Answer & Solution
Answer: Option
A
67
A dormant is that partner
A)
Who has taken part in the conduct of the business as partner and is not liable for the act of the firm
B)
Who has never taken part in the conduct of the business as a partner and is not liable for the act of the firm
C)
Who has never taken part in the conduct of the business as a partner but is liable for the act of the firm
D)
Who, due to his special status, has nothing to do with the loss of the business and is entitled to the profit only
Answer & Solution
Answer: Option
C
68
When an outsider, dealing with a partner, does not know or does not believe that he is contracting with a partner, but an individual only
A)
The firm incurs liability if the benefits of the contract has gone to the firm
B)
The firm incurs no liability even if the benefits of the contract has gone to the firm
C)
The firm incurs liability even if the benefits of the contract has not gone to the firm
D)
Either (A) or (C)
Answer & Solution
Answer: Option
B
69
In Shreeram Finance Corporation v. Yasin Khan & Others, AIR 1989 SC 1764, it has been held that
A)
Where there was a change in the constitution of the firm, a suit instituted after change in constitution, but before the change notified in the register, is not maintainable
B)
Where there was a change in the constitution of the firm, a suit instituted after the change but before the change notified in the register is maintainable, as the notifying change in the register shall relate back to the date of application for change
C)
The maintainability of a suit, where there was a change in the constitution of the firm, a suit instituted after the change but before the change notified in the register, shall be in the discretion of the court
D)
Both (B) and (C)
Answer & Solution
Answer: Option
A
70
'Just and equitable' within the meaning of section 44(g) of the Act, means
A)
Convenient
B)
Something more than convenient
C)
Opinion of the court to be the best course
D)
Either (A) or (B) or (C)
Answer & Solution
Answer: Option
B
