Section 49 of the Indian Partnership Act, 1932 lays down the rule that in cases of firm debts and the separate debts of a partner
A. The partnership property shall be applied first in payment of firm debts and the separate property of a partner shall be applied first in payment of his separate debts
B. The partnership property and the separate property of a partner shall be applied first in payment of firm debt and thereafter in payment of separate debts of the partner
C. The partnership property and the separate property of a partner shall be applied first in payment of separate debts of the partner and thereafter in payment of firm debts
D. The partnership property shall be applied first in payment of the separate debts of the partners and the separate property of a partner shall be applied first in payment of firm debts, if the separate debts of the partner are more than the firm debt
Answer: Option A
This Question Belongs to Law >> Indian Partnership Act
Section 25 of the Indian Partnership Act, 1932, provides for
A. Liability of the firm for the acts of a partner
B. Liability of a partner for the acts of the firm
C. Liability of the firm for the wrongful acts of a partner
D. Rights of a partner
Where a partner is entitled to interest on the capital subscribed, such interest is payable
A. Out of profits only
B. Out of capital if no profits
C. Out of capital if losses
D. Either (A) or (B) or (C)
Section 44(g) of the Indian Partnership Act, 1932, is to be regarded as
A. Independent of section 44(a) to 44(f) of the Act
B. Ejusdem generis with sections 44(a) to 44(f) of the Act
C. Either (A) or (B)
D. Only (A) and not (B)
A. Suit in respect of any transaction which forms an item of the partnership account
B. Suit for money lent by him to a firm of which he is a member
C. Suit for contributions in respect of moneys borrowed by him under an express agreement with them for the purposes of partnership
D. All the above
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