Accounting for Partnership: Basic Concepts Test 22

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Accounting for Partnership: Basic Concepts Test 22

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SHARING IS CARING

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Weekly Quiz Competition

Question 1
1 / -0

The option to elect to become partner or not to become partner after becoming major can be exercised by a minor partner ______________________.

A
within six month of attaining majority

B
within six month of his obtaining knowledge that he had been admitted to the benefit of partnership

C
a or b whichever is later

D
any of the above
Question 2
1 / -0

Partnership firm is not liable for the acts of the firm done ____________________.

A
in individual/personal capacity by a partner

B
without concurrence of all the partners

C
without concurrence of majority partners

D
not mentioned in partnership deed
Question 3
1 / -0

State which statement is true _______________________.

A
On death of partner, his heirs automatically become partners

B
A partner is not entitled to claim a share in partnership property in specie

C
A partner has no lien over partnership property for expense incurred by him

D
Business is not necessary for existence of a partnership
Question 4
1 / -0

A minor person can be admitted as a partner for benefit of partnership ___________________.

A
With the consent of all the partners

B
With majority decision

C
With the approval of managing partner

D
With approval of ROC
Solution
1. Consent of all the partners is required for a minor to be admitted as a partner in the firm.
Question 5
1 / -0

Can a partner's right to have access, inspect and have a copy of books of account be curtailed/restricted _______________.

A
not at all

B
yes in all circumstances

C
yes only subject to contract between the partners

D
yes invariable by majority decision
Question 6
1 / -0

A minor person __________________.

A
Can be admitted into the firm for benefit in an existing firm

B
Can be the initial member of a new partnership firm

C
Cannot be a partner

D
Can be a partner for sharing profits and losses also

Solution

A contract with minor is void, but if such contract is for the benefit of minor, then such contract is valid. Hence, if minor admitted in partnership for only share in profit but not in loss, then he can be admitted in the firm.
Question 7
1 / -0

________________ is available to a minor partner?

A
Right to inspect confidential books

B
Right to File suit for accounts or demand his share of property when he leaves the firm

C
Right to participate in the business

D
Right to apply for dissolution of the firm
Question 8
1 / -0

When a minor person opts not to become partner after ceasing to be a minor _________________________.

A
He continues to be liable until the date of notice

B
He shall not be liable for any acts of the firm done after the ate of notice

C
He shall be entitled to sue the partner for his share of profit and his share of property

D
All the three
Question 9
1 / -0

A is a partner of ABC associates,as er the agreement any partner can retire from the firm by giving 30 days advance notice.A intends to retire from the firm.What obligations are cast upon A to retire from the firm _________________.

A
take consent of all the partners

B
take consent of majority of partners

C
just leave the firm by giving verbal notice to the managing partner

D
give thirty days notice and give public notice thereof
Question 10
1 / -0

Chotu a minor partner after attaining age of majority elects to become a partner after attaining majority.What are the consequences ___________________.

A
He becomes personally liable to the third party for all acts of the firm retrospectively from the date of his admission to the benefit of the partnership as a minor partner

B
His share in the profits of the firm shall be the same to which he wants entitled as a minor

C
Both

D
None

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 22

Result

Accounting for Partnership: Basic Concepts Test 22

Score

-

Rank

-

SHARING IS CARING

Question 1

within six month of attaining majority

within six month of his obtaining knowledge that he had been admitted to the benefit of partnership

a or b whichever is later

any of the above

Question 2

in individual/personal capacity by a partner

without concurrence of all the partners

without concurrence of majority partners

not mentioned in partnership deed

Question 3

On death of partner, his heirs automatically become partners

A partner is not entitled to claim a share in partnership property in specie

A partner has no lien over partnership property for expense incurred by him

Business is not necessary for existence of a partnership

Question 4

With the consent of all the partners

With majority decision

With the approval of managing partner

With approval of ROC

Solution

Question 5

not at all

yes in all circumstances

yes only subject to contract between the partners

yes invariable by majority decision

Question 6

Can be admitted into the firm for benefit in an existing firm

Can be the initial member of a new partnership firm

Cannot be a partner

Can be a partner for sharing profits and losses also

Solution

Question 7

Right to inspect confidential books

Right to File suit for accounts or demand his share of property when he leaves the firm

Right to participate in the business

Right to apply for dissolution of the firm

Question 8

He continues to be liable until the date of notice

He shall not be liable for any acts of the firm done after the ate of notice

He shall be entitled to sue the partner for his share of profit and his share of property

All the three

Question 9

take consent of all the partners

take consent of majority of partners

just leave the firm by giving verbal notice to the managing partner

give thirty days notice and give public notice thereof

Question 10

He becomes personally liable to the third party for all acts of the firm retrospectively from the date of his admission to the benefit of the partnership as a minor partner

His share in the profits of the firm shall be the same to which he wants entitled as a minor

Both

None

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