Accounting for Partnership: Basic Concepts Test 17

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Accounting for Partnership: Basic Concepts Test 17

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Weekly Quiz Competition

Question 1
1 / -0

Which of these is required to be mentioned in the application for Registration of a firm _________________.

A
PAN number

B
Academic qualification of the partners

C
Date of admission of each partner

D
Marital status of partners
Question 2
1 / -0

____________ cannot create a valid partnership.

A
Members of Joint Hindu family

B
A Burmese Buddhist Husband and wife carrying on business as such

C
Both a and b

D
None
Question 3
1 / -0

Expulsion of a partner is justified only when __________.

A
The power is conferred by contract

B
Power is exercised in good faith

C
By the majority of partners

D
A and B.

Solution

Partners can be removed or expelled only in exercise of good faith of powers conferred by contract between partners. The above proposition that the relationship between the partners in a partnership is that of principal to agent for one another is confirmed by a plethora of cases decided by various High Courts.
Question 4
1 / -0

Expulsion of a partner otherwise than in good faith is treated __________.

A
Illegal

B
Null and void

C
Voidable

D
Perfectly valid
Question 5
1 / -0

Which of these statements is true in respect of an unregistered firm?

A
It is an illegal association

B
It is not permitted to carry on business

C
It can sue for the enforcement of its rights arising out of contract

D
It suffers from certain disqualifications as regards enforcement of the rights of the firm or partner

Solution

Partners of an unregistered firm can not enforce legal right in name of the firm against third person unless it is registered.
Question 6
1 / -0

In case of a partnership at will, notice to dissolve their partnership can be tendered by _________.

A
Any partner to all other partners

B
Senior partner to junior partner only

C
Any partner to the court

D
Active partner to the court

Solution

In case of a partnership at will notice to dissolve their partnrtship can be tendered by any partner to all other partner.
Question 7
1 / -0

Which of the following is not a mode of giving public notice?

A
Publication in Official Gazette

B
Publication in one vernacular newspaper circulating in the district where the firms principal place of business is situated

C
Notice is to be sent to the Registrar of firms

D
Pasting notice in public place
Question 8
1 / -0

If no notice of expulsion of partner is given _________.

A
He remains a partner

B
He and other partners remains liable to third party for the act done before his expulsion

C
He is personally liable for all the acts of the firm to third party

D
He stands discharged from future liability

Solution

If no notice of expulsion of a partner is given, he and other partner continuous to remain liable to a third party for the act done before his expulsion. Expulsion means the mandatory exclusion of a partner from the partnership on the grounds that the remaining partners consider it is inappropriate for him to remain.
Question 9
1 / -0

A company is governed by ___________.

A
Indian Partnership Act

B
Indian Contract Act

C
The Companies Act, $$1956$$ as amended from time to time

D
Societies Registration Act

Solution

A company is governed by the companies act, 1956 as amended from time to time.'
Question 10
1 / -0

Right to manage the affairs of a firm vest with _______________.

A
Senior most partner

B
Managing partner

C
Every partner

D
Partner having BBA/MBA degree

User

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 17

Result

Accounting for Partnership: Basic Concepts Test 17

Score

-

Rank

-

SHARING IS CARING

Question 1

PAN number

Academic qualification of the partners

Date of admission of each partner

Marital status of partners

Question 2

Members of Joint Hindu family

A Burmese Buddhist Husband and wife carrying on business as such

Both a and b

None

Question 3

The power is conferred by contract

Power is exercised in good faith

By the majority of partners

A and B.

Solution

Question 4

Illegal

Null and void

Voidable

Perfectly valid

Question 5

It is an illegal association

It is not permitted to carry on business

It can sue for the enforcement of its rights arising out of contract

It suffers from certain disqualifications as regards enforcement of the rights of the firm or partner

Solution

Question 6

Any partner to all other partners

Senior partner to junior partner only

Any partner to the court

Active partner to the court

Solution

Question 7

Publication in Official Gazette

Publication in one vernacular newspaper circulating in the district where the firms principal place of business is situated

Notice is to be sent to the Registrar of firms

Pasting notice in public place

Question 8

He remains a partner

He and other partners remains liable to third party for the act done before his expulsion

He is personally liable for all the acts of the firm to third party

He stands discharged from future liability

Solution

Question 9

Indian Partnership Act

Indian Contract Act

The Companies Act, $$1956$$ as amended from time to time

Societies Registration Act

Solution

Question 10

Senior most partner

Managing partner

Every partner

Partner having BBA/MBA degree

User

Question Analysis

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