Accounting for Partnership: Basic Concepts Test 29

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Accounting for Partnership: Basic Concepts Test 29

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Weekly Quiz Competition

Question 1
1 / -0

The general duty of a partner under section 9 covers which of these things _______________________.

A
to be just and faithful to each other

B
to carry on business of the firm to the greatest common advantage

C
to render true account and full information

D
all the three
Question 2
1 / -0

Under section 10 of the Indian Partnership Act, every partner is under a duty _________________________________.

A
to indemnify the firm for any loss caused to it by his fraud in the conduct of the business of the firm

B
to render true accounts and full inforniation

C
not to carry on any business other than that of the firm

D
to be just and faithful to each other
Question 3
1 / -0

An agreement in restraint of trade in a partnership under section 11 of the Act is _______.

A
valid

B
voidable

C
void

D
invalid
Question 4
1 / -0

ABC are three partners sharing profit and loss equally. C retires and his share is purchased by A anb B in the ratio of 2:1. What is the new profit sharing ratio of A and B after retirement of C?

A
1:1

B
2:1

C
1:2

D
7:4
Question 5
1 / -0

ABC are the three partners. C retires from the firm. At the time of his retirement the partners decides to revalue the assets and liabilities as under, stock up by Rs. 5000, sundry creditors reduced by Rs. 3000, provision for doubtful debts increased by Rs. 2000, building up by Rs. 1000, stock reduced by 2000. What is the profit or loss on revaluation of assets and liabilities.

A
Rs. 6000

B
Rs. 7000

C
Rs.8000

D
Rs. 5000
Question 6
1 / -0

The general duty of a partner under section 9 does not cover ___________________.

A
to be just and faithful to each other

B
to carry on business of the firm to the greatest common advantage

C
to render true account and full information

D
to be obedient to Managing Partner
Question 7
1 / -0

For a banking business, the maximum number of partner in a partnership, under section 11 of the Companies Act, 1956, can be _______.

A
ten

B
fifteen

C
twenty

D
twenty-five
Question 8
1 / -0

A property belonging to a partners on entering into a partnership and used for the purposes of partnership ________________.

A
becomes the property of the firm

B
remains the property of that partner

C
becomes the property of the partner having highest share of capital contribution

D
becomes the property of the partners in their profit sharing ratio
Question 9
1 / -0

A partner's right to examine books of account does not include ________________________.

A
right to carry them any place other than the registered office without consent other partners

B
get the inspection through an agent

C
right to inspect them personally

D
none of the above
Question 10
1 / -0

Under section 14 of the Indian Partnership Act, 1932, the property thrown into the common stock at the commencement of the business ______.

A
becomes the property of the firm

B
remains the individual property of the partners in the shares contributed by them

C
becomes the individual property of the partners in equal shares irrespective of their contributions and rofit sharin ratio

D
either (a) or (c).

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Accounting for Partnership: Basic Concepts Test 29

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Accounting for Partnership: Basic Concepts Test 29

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Rank

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SHARING IS CARING

Question 1

to be just and faithful to each other

to carry on business of the firm to the greatest common advantage

to render true account and full information

all the three

Question 2

to indemnify the firm for any loss caused to it by his fraud in the conduct of the business of the firm

to render true accounts and full inforniation

not to carry on any business other than that of the firm

to be just and faithful to each other

Question 3

valid

voidable

void

invalid

Question 4

1:1

2:1

1:2

7:4

Question 5

Rs. 6000

Rs. 7000

Rs.8000

Rs. 5000

Question 6

to be just and faithful to each other

to carry on business of the firm to the greatest common advantage

to render true account and full information

to be obedient to Managing Partner

Question 7

ten

fifteen

twenty

twenty-five

Question 8

becomes the property of the firm

remains the property of that partner

becomes the property of the partner having highest share of capital contribution

becomes the property of the partners in their profit sharing ratio

Question 9

right to carry them any place other than the registered office without consent other partners

get the inspection through an agent

right to inspect them personally

none of the above

Question 10

becomes the property of the firm

remains the individual property of the partners in the shares contributed by them

becomes the individual property of the partners in equal shares irrespective of their contributions and rofit sharin ratio

either (a) or (c).

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