1
The application/statement for registration of a firm, under section 58 of the Indian Partnership Act, 1932
A)
Has to be signed by all the partners
B)
Has to be signed by a majority of partners
C)
Has to be signed by the managing partner
D)
Either (A) or (B) or (C)
Answer & Solution
Answer: Option
A
2
The liability, under section 25 of the Indian Partnership Act, 1932, is fastened on the partner, for the acts of the firm, done
A)
Before the partner joined the partnership, if the liability is qualified while he was a partner
B)
While he is a partner
C)
After the retirement of the partner
D)
All the above
Answer & Solution
Answer: Option
B
3
A partner ceases to be a partner
A)
By retirement
B)
By expulsion
C)
By insolvency
D)
By Death
E)
All of the above
Answer & Solution
Answer: Option
E
4
A 'notice' under section 43 of the Act
A)
Must be in writing which may be vague
B)
Must be in writing which may be ambiguous
C)
Must be in writing, factual, explicitand final
D)
Either (A) or (B) or (C)
Answer & Solution
Answer: Option
C
5
The liability of a person introduced in the partnership, under section 31(2) of the Act
A)
Is for pre-existing debts of the firm
B)
Commences from the date of his admission
C)
Depends on the agreement between the partners
D)
Is for the pre-existing debts as well as the one contracted after his admission
Answer & Solution
Answer: Option
B
6
The rate of interest prescribed under section 13, where a partner, advances money beyond the amount of capital, for the business of the partnership, is
A)
Six percent
B)
Nine percent
C)
Twelve percent
D)
Fifteen percent
Answer & Solution
Answer: Option
A
7
Section 22 of the Indian Partnership Act, 1932 requires that the partner contracting for the firm must
A)
Expressly inform the other party that he intends to act for the firm
B)
Impliedly inform the other party that he intends to act for the firm
C)
Either (A) or (B)
D)
Only (A) and not (B)
Answer & Solution
Answer: Option
C
8
Liability on holding out is incurred where
A)
A person has the knowledge of the representation
B)
A person has acted on the faith of that representation
C)
Both (A) and (B)
D)
Either (A) or (B)
Answer & Solution
Answer: Option
C
9
Clause (e) of section 44 of the Indian Partnership Act, 1932, covers cases of
A)
Voluntary transfer of his interest in the partnership, by a partner
B)
Involuntary transfer of his interest in the partnership by a partner
C)
Both (A) and (B)
D)
Neither (A) or (B)
Answer & Solution
Answer: Option
C
10
Which of the following is the duty of a partner?
A)
1, 2 and 4
B)
2, 3 and 4
C)
1 and 3
D)
All of the above
Answer & Solution
Answer: Option
D
