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Accounting for Partnership: Basic Concepts Test 15

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Accounting for Partnership: Basic Concepts Test 15
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Weekly Quiz Competition
  • Question 1
    1 / -0
    X is a partner in XYZ Associates. He agrees to share his profile with P, an outsider. This agreement is called ________.
    Solution
    A sub-partnership has been recognized in India and registered as a partnership firm under the Income-Tax Act though the term has not been defined in the Indian Partnership Act, 1932.
  • Question 2
    1 / -0
    Select the odd one ______________.
  • Question 3
    1 / -0
    X and Y formed a partnership firm to undertake construction of a Railway Bridge for Northern Railways at a Patna.This partnership is __________.
    Solution
    When the partnership is formed only to carry out one business venture or one undertaking it is called Particular Partnership, after which the partnership shall be dissolved, unless otherwise specified.Here, undertaking construction of a Railway Bridge for Northern Railways at Patna is a single business venture, hence 'Particular Partnership'.
    However, partners can still continue with their said partnership, on mutual agreement. But in absence of any agreement, on completion of task the partnership shall end.
  • Question 4
    1 / -0
    Section $$4$$ of the Indian Partnership Act, $$1932$$ defines partnership as ____________.
  • Question 5
    1 / -0
    Which of these particulars are not required to be mentioned in the application for registration of a firm :
    Solution
    Application for registration of a firm requires the details with respect to partners and the partnership firm only and not the Chartered Accountants of the partnership firm.
    Hence, details as to name, address, profit sharing ratio, interest on capital, interest on drawings, etc are to be disclosed in the application.
  • Question 6
    1 / -0
    Which of these particulars are required to be mentioned in the application for registration of a firm :
    Solution
    An application for registration of partnership is required to be registered with the registrar of firm along with various other documents as may be prescribed.
    All the basic details like name, place, address of partners along with capital, interest on drawings, etc are imperative to be disclosed in the application.
    Hence, in the given question,all the options, a,b and c are correct.
  • Question 7
    1 / -0
    To hold a person a partner by holding out under section 28 of the Partnership Act ___________________________.
  • Question 8
    1 / -0
    The expression 'third party' used in the Indian Partnership Act means ___________.
    Solution
    Section 4 “Partnership is the relation between persons who have agreed to share the profit of business carried on by all or any one of them acting for all.” ... (i) Association two or more persons : At least two persons should join together to constitute a partnership. Other stakeholder except partners known as third party.
  • Question 9
    1 / -0
    _________ formed either to carry out a particular venture or for a fixed period.
  • Question 10
    1 / -0
    If the partner of a partnership for fixed duration carries on business after the expiry of the term, the rights and duties of the partners__________.
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