Indian Partnership Act MCQ question and answer

1

The liability by holding out, in case of retiring partner, continues up to

A) Date of retirement B) Date of public notice about such retirement C) Date of notice to other partners about such retirement D) Whichever is either out of (A), (B) and (C)

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

2

Under sub-section (5) of section 30 of the Indian Partnership Act, 1932, a minor, who has been admitted to the benefits of the firm immediately on attaining majority

A) Automatically becomes a partner in the firm B) Becomes a partner with the consent of all the other partners C) Becomes a partner only if he of his own chooses to become a partner D) Either (B) or (C)

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

3

Liability of the firm for misapplication by partners has been dealt with under

A) Section 26 of the Act B) Section 27 of the Act C) Section 24 of the Act D) Section 25 of the Act

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

4

Where a partnership firm is constituted a fixed period and after the expiration that term the firm continues to carry business without any agreement

A) The partnership stands extended till the new agreement is made B) The partnership becomes the partnership at will C) The partnership becomes illegal D) The partnership stands dissolved on the date of the expiry of the term and no partnership can be said to be in existence

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

5

For the bar of section 69(2) of the Indian Partnership Act, 1932, not to apply to a suit instituted by a firm against a third party for enforcing the rights arising out of contract, the firm must be a registered firm

A) On the date when the cause of action has arisen B) On the date when the suit was instituted C) On the date when the suit was decided D) Either (A) or (B) or (C)

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

6

In Mir Abdul Khalid v. Abdul Gaffar Sheriff & others, AIR 1985 SC 608, a suit for accounts against the retired partner filed beyond three years from the date of dissolution was held to be

A) Within limitation as the period of limitation for such a suit is 30 years B) Within limitation as the period of limitation for such a suit is 12 years C) Barred by limitation as the period of limitation for such a suit is six months D) Barred by limitation as the period of limitation for such a suit is three years

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

7

The test to determine whether the given partnership is a 'partnership at will' and 'whether the partnership could be dissolved by a single partner', has been laid down in

A) Crawshay v. Maule B) Abbot v. Abbot C) Cuffe v. Murtagh D) Kurumuthu T. Chettiar v. E. M. Muthappa Chettiar

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

8

Interest on any sum found due to a partner runs from

A) The date of the plaint B) The date of the preliminary decree C) The date of the final decree D) Either (A) or (C)

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

9

On the dissolution of a partnership firm the partner is the first person who will receive his share capital from the assets of the firm.

A) Yes, a partner's right in the assets of the firm is supreme and he is first paid his share before making payment to anybody else vide Section 46 of the Partnership Act B) No, a partner will receive his share capital from the partnership firm on dissolution but first after the payments of the third party debts of the partnership firm but before the debts of the partners payable by the partnership firm are paid C) Share capital of a partner in a partnership firm is paid only after paying the third party debts of the partnership firm and loans repayable to the partners by partnership firm D) Share capital of a partner of a dissolved partnership firm is paid from the residue available for distribution after the profits are distributed to the partners in the partnership firm as per their profit sharing ratio in view of Section 49 of the Partnership Act

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

10

On expulsion from a partnership, the partner so expelled

A) Ceases to be a partner B) Continues to be a partner and his status becomes as of a retired partner C) Dissolves the firm automatically D) Continues to be a partner and his status becomes as of a sleeping partner

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

Indian Partnership Act MCQ question and answer | Law MCQ question