Steps involved in Establishing Business Test 26

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Steps involved in Establishing Business Test 26

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Weekly Quiz Competition

Question 1
1 / -0

In case of Partnership at Will, Notice of intention to dissolve the Firm may be served by ___________.

A
sleeping partners only

B
any of the working partners

C
any of the partners

D
majority of the partners.
Question 2
1 / -0

The compulsory dissolution of a firm will arise in case of __________.

A
on the death of majority of partners

B
on the insolvency of all partners

C
in case of continuous losses

D
in case of dead lock of management
Question 3
1 / -0

The Mode of Dissolution of Firm, under Indian Partnership Act, 1932 is______.

A
illustrative

B
inclusive

C
exhaustive

D
none of the above.
Question 4
1 / -0

After dissolution, the authority to bind the Firm, other mutual rights and liabilities of Partners continue, in so far as may be necessary _____________.

A
to wind up the affairs of the Firm

B
to complete the transaction that had begun but left unfinished at the time of dissolution

C
either (a) or (b)

D
both (a) and (b).
Question 5
1 / -0

After dissolution of a Firm, any Partner or his representative may restrain any other Partner or his representative from carrying on similar business in the Firm Name or by using Firm's Property for own benefit, until ___________.

A
the affairs of the Firm are fully wound up.

B
public notice of dissolution is given.

C
dissolution deed is signed by all Partners.

D
all of the above.
Question 6
1 / -0

A partner cannot demand his proportionate share of premium from other partners at the time of dissolution of firm __________.

A
when there is no provision regarding return of premium in partnership deed

B
by death of any partner

C
mainly due to the misconduct of partner paying premium

D
any of the above
Question 7
1 / -0

On which of the following grounds, court may dissolve a firm at the suit of a partner?

A
A partner willfully commits breach of agreement on regular basis.

B
Where a firm constituted for a fixed term and that term is expired.

C
Where a partner dies.

D
When a minor is admitted in to partnership.
Question 8
1 / -0

On a dissolution of a firm the partners selling the goodwill of a firm cannot _____________.

A
carry on a similar business

B
compete with the business sold by the purchaser.

C
represent themselves as carrying on old business.

D
all of the above.
Question 9
1 / -0

Upon dissolution, which is the proper order for application of the Firm's assets?
I. Payment of Debts & Liabilities of the Firm
II. Payment of Partner's Loan
III. Payment of Partner's Capital
IV. Distribution of Surplus to Partners in their Profit Sharing Ratio.

A
I, II, III, IV

B
I, II, IV, III

C
II, III, IV, I

D
IV, II, III, I.
Question 10
1 / -0

Upon dissolution of Firm, any sum contributed by Partners to make up deficiencies of Capital u/s 48, is considered as ___________.

A
business of the Firm

B
goodwill of the Firm

C
liabilities of the Firm

D
assets of the Firm.

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Steps involved in Establishing Business Test 26

Result

Steps involved in Establishing Business Test 26

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Rank

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SHARING IS CARING

Question 1

sleeping partners only

any of the working partners

any of the partners

majority of the partners.

Question 2

on the death of majority of partners

on the insolvency of all partners

in case of continuous losses

in case of dead lock of management

Question 3

illustrative

inclusive

exhaustive

none of the above.

Question 4

to wind up the affairs of the Firm

to complete the transaction that had begun but left unfinished at the time of dissolution

either (a) or (b)

both (a) and (b).

Question 5

the affairs of the Firm are fully wound up.

public notice of dissolution is given.

dissolution deed is signed by all Partners.

all of the above.

Question 6

when there is no provision regarding return of premium in partnership deed

by death of any partner

mainly due to the misconduct of partner paying premium

any of the above

Question 7

A partner willfully commits breach of agreement on regular basis.

Where a firm constituted for a fixed term and that term is expired.

Where a partner dies.

When a minor is admitted in to partnership.

Question 8

carry on a similar business

compete with the business sold by the purchaser.

represent themselves as carrying on old business.

all of the above.

Question 9

I, II, III, IV

I, II, IV, III

II, III, IV, I

IV, II, III, I.

Question 10

business of the Firm

goodwill of the Firm

liabilities of the Firm

assets of the Firm.

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