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Accounting for Partnership: Basic Concepts Test 18

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Accounting for Partnership: Basic Concepts Test 18
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Weekly Quiz Competition
  • Question 1
    1 / -0
    A partner is _________ of his co partner.
  • Question 2
    1 / -0
    AB Associates is an unregistered firm. C a local bad element of the area caused damaged to the property of the firm to the extent of $$Rs. 1000$$. Which of these action are advice to the firm?
  • Question 3
    1 / -0
    Which of these is/are point of difference between a partnership firm and a Hindu Undivided Family.
    Solution
    Partnership Firm 

    Tow or more person come together for some business activity and agree to share profit and loss is called partnership firm. Partnership firm emerge out of contact between two persons.

    Hindu Undivided Family

    HUF conducts business inherited as per Hindu law, called Hindu undivided family. HUF firm created by the operation of Hindu law.
    '
  • Question 4
    1 / -0
    In order that a notice to a partner operate as a notice to the whole firm, the same should be given to __________.
    Solution
    A notice to a  partner operate as a notice to the whole firm, the same should not be given to sleeping and minor partner. Active partner act as a manager of firm.
  • Question 5
    1 / -0
    A firm consists of three partners $$A, B, C$$ and $$B$$ dies. Under the above circumstances which of these statement is true?
  • Question 6
    1 / -0
    A notice given to a __________ tantamount to notice given to the firm itself __________.
    Solution
    Option A is right. He takes active participation in the business of the firm.  He contributes to the capital, has a share in the profit and also participate in the daily activities of the firm.'
  • Question 7
    1 / -0
    Which of these rights is not available to a partner under the Partnership Act ?
  • Question 8
    1 / -0
    Prior to the Indian Partnership Act, 1932 which came into force from 1 October, 1932 except section 69 which came into force from 1 October, 1933, the law of partnership was provided in ____________.
  • Question 9
    1 / -0
    An act of a partner is binding upon the firm provided ___________________.
    Solution
    Partnership is an extension of agency relationship, where an act done by one partner is deemed to be done on behalf of the firm.
  • Question 10
    1 / -0
    How the profit and loss of the firms are shared by the partners under the Partnership Act _________________.
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