Admission of a Partner Test

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Admission of a Partner Test - 34

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Weekly Quiz Competition

Question 1
1 / -0

The rate of interest prescribed under section 13, for when a partner advances money more than the amount of capital for the business of the partnership, is _____________.

A
six percent

B
nine percent

C
twelve percent

D
fifteen percent

Solution

As per section 13 (d) of the Indian Partnership Act, 1932, a partner making, for the purposes of the business, any payment or advance beyond the amount of capital he has agreed to subscribe, is entitled to interest thereon at the rate of six percent per annum.
Question 2
1 / -0

When a property is purchased from partnership funds in the name and for the benefit of a partner, the said property ______.

A
Remains firms property

B
becorne personal property of the partner

C
become joint property of partners

D
remain vested with the firm
Question 3
1 / -0

Where a change occurs in the constitution of a firm and no new agreement is made __________________________.

A
the ratio of profit sharing shall become equal for all the partners

B
the ratio of profit sharing shall remain the same to the extent to which it is consistent with the altered composition of the firm

C
the ratio of profit sharing shall change in the ratio of capital contributions

D
the ratio of profit sharing shall change in the ratio of personal efforts/labour input-of the partners
Question 4
1 / -0

A partner can get remuneration from the firm only _______________________.

A
there is adequate profit

B
there is adequate cash profit

C
there is specific provision to this effeet in the partnership agreement

D
the partner is whole time partner
Question 5
1 / -0

$$X$$ a partner allowed his private property to be used for firms business. The property of $$X$$

A
Automatically becomes firms property

B
become firms property if the partner show an intention of doing so

C
cannot become property of firm unless permitted by Registrar of firm

D
can be treated as fiirms poperty if firm is dissolved for the purpose of payment of outside liability
Question 6
1 / -0

An agreement to carry on business in partnership in the future creates a partnership __________________.

A
immediately on the agreement

B
On the date mentioned in the agreement irrespective of whether the business has commenced or not on that date

C
only on the date when the business is actually commenced

D
never creates a partnership and any such agree-ment is void
Question 7
1 / -0

Goodwill of the partnership business is the property of the _______.

A
Firm

B
Senior partner

C
Managing partner

D
none of these
Question 8
1 / -0

X,Y and Z are three partners in firm, having capital Rs.100,000 , Rs.75,000 and Rs.50,000 respectively. During the years 2009-10 the firm made a profit of Rs.90,000. How the profit will be distributed amongst the three partners

A
Rs.40,000,Rs.30,000 and Rs.20,000 to X,Y,and Z respectively

B
Rs.30,000 to each partner

C
Rs.20,000,Rs 30,000 and Rs.40,000 to X,Y& Z respectively

D
According to seniority
Question 9
1 / -0

A partner has a right to indemnity for the acts done in _________________.

A
the ordinary & proper conduct of the business

B
an emergency

C
Both (a) and (b)

D
only (b) and not (a)

Solution

All the partners of the firm have the right to be repaid by the firm in respect of the payments made and the liabilities incurred by him in the ordinary and proper conduct of the business of the firm. This also includes the performance of an act in an emergency for protecting the firm from a loss, if the payments, liability and action are such as a prudent man would make, incur or perform in his case, under similar circumstances.
Question 10
1 / -0

The property of the firm includes all property________.

A
acquired by or for the firm

B
for the purpose or in the course of business of the firm

C
property purchased with money belonging to the firm

D
all the above

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Re-Attempt Weekly Quiz Competition

Admission of a Partner Test - 34

Result

Admission of a Partner Test - 34

Score

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Rank

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SHARING IS CARING

Question 1

six percent

nine percent

twelve percent

fifteen percent

Solution

Question 2

Remains firms property

becorne personal property of the partner

become joint property of partners

remain vested with the firm

Question 3

the ratio of profit sharing shall become equal for all the partners

the ratio of profit sharing shall remain the same to the extent to which it is consistent with the altered composition of the firm

the ratio of profit sharing shall change in the ratio of capital contributions

the ratio of profit sharing shall change in the ratio of personal efforts/labour input-of the partners

Question 4

there is adequate profit

there is adequate cash profit

there is specific provision to this effeet in the partnership agreement

the partner is whole time partner

Question 5

Automatically becomes firms property

become firms property if the partner show an intention of doing so

cannot become property of firm unless permitted by Registrar of firm

can be treated as fiirms poperty if firm is dissolved for the purpose of payment of outside liability

Question 6

immediately on the agreement

On the date mentioned in the agreement irrespective of whether the business has commenced or not on that date

only on the date when the business is actually commenced

never creates a partnership and any such agree-ment is void

Question 7

Firm

Senior partner

Managing partner

none of these

Question 8

Rs.40,000,Rs.30,000 and Rs.20,000 to X,Y,and Z respectively

Rs.30,000 to each partner

Rs.20,000,Rs 30,000 and Rs.40,000 to X,Y& Z respectively

According to seniority

Question 9

the ordinary & proper conduct of the business

an emergency

Both (a) and (b)

only (b) and not (a)

Solution

Question 10

acquired by or for the firm

for the purpose or in the course of business of the firm

property purchased with money belonging to the firm

all the above

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