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Admission of a Partner Test - 31

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Admission of a Partner Test - 31
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The need for valuation of goodwill arises in all the following situations except
  • Question 2
    1 / -0
    Premium method of goodwill is generally used at the time of _____ of  a partner.
  • Question 3
    1 / -0
    A partner can retire from the firm with the ___________________.
  • Question 4
    1 / -0
    Which of these statements is true in relation to a minor partner?
  • Question 5
    1 / -0
    A partner of a partnership firm cannot claim which of these rights
  • Question 6
    1 / -0
    AB are two partners. C is admitted for 1/3 rd share of profit. At the time of his admission the partners decided 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 of Rs.4000 was also accounted for.. What is the profit or loss on revaluation of assets and liabilities 
  • Question 7
    1 / -0
    A person can be admitted as partner only ________
  • Question 8
    1 / -0
    Select the odd one out.
    Solution

    Following are a few features of a Joint Hindu Family Business: 

    1. The business does not require any agreement as membership is by birth, i.e. minor can also be a member. 

    2. It is governed by the Hindu Succession Act, 1956. 

    3. The maximum number of members is unlimited in Joint Hindu Family Firm. 

    4. Being a Hindu undivided family there must be a minimum of two related family members.

  • Question 9
    1 / -0
    The onus of proving the fact that a minor had no knowledge of his being a partner of a firm until a particular date after the expiry of six months of his attaining majority falls upon ________________.
  • Question 10
    1 / -0
    Which of these rights are not available to a transferee under the Partnership Act
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