Under the proviso to section 50 of the Indian Partnership Act, 1932, the purchase of the goodwill of the firm, on dissolution
A. Is not to account for the personal profits earned after dissolution and before winding up, in the final settlement of accounts
B. Is to account for the personal profits earned after dissolution and before winding up, in the final settlement of accounts
C. Is to account for the personal profits earned after dissolution and before winding up, in the final settlement of accounts only if the consideration for purchase of goodwill is inadequate
D. Can be restrained from using the firm name after dissolution and before the winding up
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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