61
An action for indemnity against a partner can be brought by
A)
The firm only
B)
An individual partner
C)
Either (A) or (B)
D)
Neither (A) nor (B)
Answer & Solution
Answer: Option
C
62
The principles governing partners' mutual relations have been laid down in
A)
Chapter II of the Indian Partnership Act
B)
Chapter III of the Indian Partnership Act
C)
Chapter IV of the Indian Partnership Act
D)
Chapter V of the Indian Partnership Act
Answer & Solution
Answer: Option
B
63
Where the partnership business is carried on by the other partners after the outgoing of a partner, without a final settlement of accounts, under section 37 of the Act, the outgoing partner is entitled to a share of profits
A)
In equal share with other partners
B)
Proportionate to the share of assets
C)
Higher than what he was getting when he was a partner
D)
As decided by the partners
Answer & Solution
Answer: Option
B
64
The option to stay or to leave the partnership, by a minor on attaining majority under section 30(5) of the Act, can be exercised
A)
By giving a notice to all the adult partners
B)
By giving a public notice of it
C)
By giving notice to the guardian
D)
Either (A) or (B) or (C)
Answer & Solution
Answer: Option
B
65
A partnership firm not registered with the Registrar of Firms under the Indian Partnership Act, 1932 can:
A)
File a suit to enforce contractual rights with a third person
B)
File a suit based on common law rights
C)
File a suit for recovery of money under an agreement under Order XXX of the Code of Civil Procedure, 1908
D)
File all types of civil suit which have merit
Answer & Solution
Answer: Option
B
66
In which of the following cases, a partnership exist:
A)
Several persons jointly purchase goods for resale with a view to divide the profits arising from the transaction
B)
Persons (co-owners) who join in the purchase of goods for the purpose of dividing the goods themselves
C)
A, B and C agreed that each should furnish Rs. 3000 worth of goods to be shipped on a joint venture, the profits to be divided between them according to the amount of their several shipments
D)
Two tenants in common of a house let it and divide the rent equally
Answer & Solution
Answer: Option
A
67
A minor admitted to the benefits of the firm under section 30 of the Act has a right to
A)
Share profits and the property of the firm
B)
Have access to, inspect and copy accounts of the firm
C)
Both (A) and (B)
D)
Only (A) and not (B)
Answer & Solution
Answer: Option
C
68
Under section 40 of the Indian Partnership Act, 1932, a firm can be dissolved
A)
With the consent of majority of partners
B)
With the consent of all the partners
C)
With the consent of the managing partner
D)
Either (A) or (B) or (C)
Answer & Solution
Answer: Option
B
69
The principles contained in section 29 of the Indian Partnership Act, 1932, can be applied to
A)
Voluntary transfer of his interest in the firm by a partner
B)
Involuntary transfer of his interest in the firm by a partner
C)
Both (A) and (B)
D)
Only (A) and not (B)
Answer & Solution
Answer: Option
C
70
Section 15 of the Indian Partnership Act provides that
A)
The property of the firm shall be held and used by the partners exclusively for the purposes of the business of the firm
B)
The property of the firm can be used by the partners for any of his/their personal use
C)
The property of the firm can be used by the partners for the personal use of all the partners
D)
Both (A) and (C)
Answer & Solution
Answer: Option
A
