Accounting for Partnership: Basic Concepts Test 38

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Accounting for Partnership: Basic Concepts Test 38

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Weekly Quiz Competition

Question 1
1 / -0

The disabilities for non-registration of a partnership firm are prescribed in... of the Partnership Act.

A
$$69$$

B
$$96$$

C
$$70$$

D
$$77$$
Question 2
1 / -0

XY are two partners in a partnership firm. As per the terms of partnership deed partners are charged $$6\%$$ interest on the drawing made by them during the year. For the year ending $$31$$st. Dec. $$14$$. X draws money from the firm as per the details given.
$$31$$st March Rs. $$4,000$$
$$31$$st May Rs. $$2,000$$
$$31$$st August Rs. $$3,000$$
$$30$$th November $$2,000$$.
Calculate the interest on drawing to be charged from X.

A
Rs. $$295$$

B
Rs. $$320$$

C
Rs. $$300$$

D
Rs. $$275$$
Question 3
1 / -0

A person is deemed to be in a position to dominate the will of another person by undue influence if the mental capacity of the aggrieved person is temporarily or permanently affected by which of these....

A
Bodily illness or distress

B
Mental distress or illness

C
Ill health

D
All the three

Solution

According to Section 16(2), a person is deemed to be in a position to dominate the will of another in the following situations:
1. He holds a real or apparent relation to the other: For example, master and servant, parent and child, Income Tax Officer and assessee. principal and a temporary teacher.
2. He stands in a fiduciary relation to the other: This means that the relation is based on trust and confidence. It includes the relationship of trustee and beneficiary, spiritual adviser and his disciples, doctor and patient, solicitor and client. It should also be noted that undue influence cannot be presumed between husband and wife, landlord and tenant, and creditor and debtor.
3. He makes a contract with a person whose mental capacity is temporarily or permanently affected by reason of age, illness, or mental or bodily distress: People of weak intelligence. old” age, indifferent health or those who are illiterate can be influenced.
Therefore, D is the correct option.
Question 4
1 / -0

Public Notice to a Registrar of firm is not required if it relates to the situation other than......

A
Exclusion of a partner

B
Retirement of a partner

C
Minor partner electing to become or not to become partner after attaining age of majority.

D
Nomination of a partner in Trade Association
Question 5
1 / -0

Tick the correct statement.

A
No public notice is required at the time of death of a partner.

B
A firm is compulsory dissolved upon death of a partner.

C
If no public notice is given, the estate of the deceased partner is liable for debts of the firm.

D
A firm cannot carry on its business after death of a partner.
Question 6
1 / -0

Under section $$2$$ of the Indian Partnership Act, "an act of firms" means any act or commission by... which gives rise to right enforceable by or against the firm.

A
all the partners

B
any partner of the firm

C
any agent of the firm

D
any of the above three
Question 7
1 / -0

Expulsion of a partner is justified.....

A
when power is conferred in the partnership deed.

B
when it is done in goodfaith

C
done by a majority decision

D
all the three conditions to be satisfied.
Question 8
1 / -0

As regard $$3rd$$ parties, a partner is.... of the firm for all purpose within the scope of the Partners Act

A
Agent

B
Principle

C
Employee

D
Manager
Question 9
1 / -0

ABC are three partners in a partnership firm sharing profit and loss equally. C retires from the firm on $$31.03.14$$. His share of profit is purchased by A and B in the ratio of $$2:1$$, what is the gaining ratio of the remaining partners.

A
$$1:1$$

B
$$2:1$$

C
$$1:2$$

D
$$5:4$$
Question 10
1 / -0

Public notice in respect of partnership firm is required to be published in at least.....

A
one vernacular newspaper

B
one Hindi newspaper.

C
one Hindi and one English newspaper.

D
one local newspaper and one English newspaper.

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 38

Result

Accounting for Partnership: Basic Concepts Test 38

Score

-

Rank

-

SHARING IS CARING

Question 1

$$69$$

$$96$$

$$70$$

$$77$$

Question 2

Rs. $$295$$

Rs. $$320$$

Rs. $$300$$

Rs. $$275$$

Question 3

Bodily illness or distress

Mental distress or illness

Ill health

All the three

Solution

Question 4

Exclusion of a partner

Retirement of a partner

Minor partner electing to become or not to become partner after attaining age of majority.

Nomination of a partner in Trade Association

Question 5

No public notice is required at the time of death of a partner.

A firm is compulsory dissolved upon death of a partner.

If no public notice is given, the estate of the deceased partner is liable for debts of the firm.

A firm cannot carry on its business after death of a partner.

Question 6

all the partners

any partner of the firm

any agent of the firm

any of the above three

Question 7

when power is conferred in the partnership deed.

when it is done in goodfaith

done by a majority decision

all the three conditions to be satisfied.

Question 8

Agent

Principle

Employee

Manager

Question 9

$$1:1$$

$$2:1$$

$$1:2$$

$$5:4$$

Question 10

one vernacular newspaper

one Hindi newspaper.

one Hindi and one English newspaper.

one local newspaper and one English newspaper.

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