71
In case where the dissolution of firm has taken place by efflux of time, and at that time certain transactions remained unfinished, for a suit for accounts, the period of limitation of three years shall commence from
A)
The date of completion of the last transaction
B)
The date of expiry of the term of the partnership
C)
The date of completion of the first transaction
D)
Either (A) or (B) or (C) as per the discretion of the court
Answer & Solution
Answer: Option
B
72
A dissolution of a firm can be inferred from
A)
Refusal of some partners co-operate and doing anything to keep the business alive
B)
Inability to pay its debts and liabilities
C)
Closure of business
D)
Neither (A) nor (B) nor (C)
Answer & Solution
Answer: Option
D
73
Section 13(a) of the Indian Partnership Act, 1932 provides for
A)
Payment of remuneration to a partner as a matter of right
B)
Payment of remuneration to a partner only when there is an agreement to that effect between the partners
C)
Non-payment of remuneration to a partner only when there is an agreement to that effect between the parties
D)
Both (A) and (C)
Answer & Solution
Answer: Option
B
74
Which of the following is not essential ingredient of holding out u/s 28 of the Partnership Act?
A)
Representation as a partner
B)
Knowledge of representation
C)
Giving credit to the firm
D)
Representation without knowledge
Answer & Solution
Answer: Option
D
75
Section 23 of the Indian Partnership Act, 1932 is an exception to
A)
Section 19(2)(a)
B)
Section 19(2)(c)
C)
Section 19(2)(e)
D)
Neither (A) nor (B) or (C)
Answer & Solution
Answer: Option
D
76
The remedy of rescission of a partnership contract is available under
A)
The Indian Contract Act, 1872
B)
The Indian Partnership Act, 1932
C)
The Indian Trusts Act, 1882
D)
All the above
Answer & Solution
Answer: Option
A
77
A partner who retires from a partnership firm, such partners no longer liable for debts or liabilities of the firm towards third persons from the date of his retirement
A)
Yes, a retiring person is no longer liable because his liability is only till he continues as a partner of the partnership firm because of Section 13 of the Partnership Act
B)
Yes, he is not liable, because after his retirement from the firm, the other partners no longer can act as the agents of the retiring partners as per Section 18 of the Partnership Act
C)
A retiring partner is only liable for debt liabilities of the firm to a third person till a public notice is given of his retirement in view of Section 32 of the Partnership Act
D)
Liability of the retiring partner will continue unless public notice of the retirement of the retiring partner of the firm is given both by the retiring partners also by the partnership firm
Answer & Solution
Answer: Option
C
78
No public notice is required to be given in the case of
A)
A deceased partner
B)
An insolvent partner
C)
A dormant partner
D)
All the above
Answer & Solution
Answer: Option
D
79
Introduction of a partner into a firm is regulated by
A)
Section 33 of the Act
B)
Section 34 of the Act
C)
Section 31 of the Act
D)
Section 32 of the Act
Answer & Solution
Answer: Option
C
80
An act, to be called on 'act of a firm', within the meaning of Section 2(a) of the Indian Partnership Act, 1932 is-
A)
Every act of the partners
B)
Only such acts which give rise to a right enforceable by or against the firm
C)
Such acts which do not give rise to a right enforceable by or against the firm
D)
Either (A) or (B) or (C)
Answer & Solution
Answer: Option
B
