Practice Test

Q1) Every partner has a right Show Answer

Q2) A partner can be expelled if------------ Show Answer

Q3) Which of the following is not the right of a partner ? Show Answer

Q4) Which of the following acts are not included in the implied authority of a partner Show Answer

Q5) Which of the following is true , about minor partner's position Show Answer

Q6) Which of the following is not true , about minor partner's position ; 1.He cannot become a partner in a new firm , 2 . He can become a partner in a existing firm , 3. He can become a partner on becoming majority , 4 . He has to bear all the liabilities Show Answer

Q7) X and Y purchase 10,000 bags of cement ,which they agree to sell for their joint account .The relation between X and Y is Show Answer

Q8) X and Y agrees to work together as carpenters but X shall receive all profit & shall pay wages to Y .The relation between X & Y is that Show Answer

Q9) Firm is bound by all acts of a partner done within the scope Show Answer

Q10) When partner of a firm agrees to Share his own share of profits with an outsider,it is called. Show Answer

Q11) Duty of partner Show Answer

Q12) Implied Authority of partner Show Answer

Q13) Statutory restriction Show Answer

Q14) Expulsion of partner Show Answer

Q15) The relation between the partners is Show Answer

Q16) Where any partner or his representative has brought amount for the goodwill of the firm ,he Show Answer

Q17) On attaining majority if a minor elects to become partner, he will be liable for the debts of the firm Show Answer

Q18) The liabilities of a minor in a partnership Show Answer

Q19) Partner by holding out' is explained in section Show Answer

Q20) With the powers conferred by contract between the partners ,majority of the partner Show Answer

Q21) A minor with the consent of all the partners for the time being Show Answer

Q22) The implied authority of any partner in a firm Show Answer

Q23) A new partner is liable for all acts of the firm Show Answer

Q24) Any difference arising as to ordinary matters connected with the business may be decided by Show Answer

Q25) In absence of any agreement a partner for taking part in conduct of the business is Show Answer

Q26) In absence of any agreement a partner are entitled to share the profits Show Answer

Q27) The duties of a partner are Show Answer

Q28) Every partner shall indemnify the firm Show Answer

Q29) The mutual rights & duties of the partner of a firm may be determined Show Answer

Q30) A partner of a firm by providing the partnership deed Show Answer

Q31) The nature of the business may be changed by consent of ------------ Show Answer

Q32) When no specific provision is provided in the partnership deed ,the partner Show Answer

Q33) When no specific provision is provided in the partnership deed ,the firm Show Answer

Q34) A partner shall pay to the firm any profit derived by him Show Answer

Q35) A partner shall pay to the firm any profit made by him Show Answer

Q36) Property of the firm shall be held & used by the partners Show Answer

Q37) Subject to contract between the partners , the property of the firm includes Show Answer

Q38) The implied authority of any partner does not empower him Show Answer

Q39) The implied authority of any partner does not empower him Show Answer

Q40) Any act done by a partner on behalf of the firm within his implied authority Show Answer

Q41) In an emergency a partner shall do Show Answer

Q42) In order to bind a firm ,an act or instrument done or executed by a partner Show Answer

Q43) A notice binds the firm if Show Answer

Q44) Every partner is liable for all the acts of the firm Show Answer

Q45) Where any wrong act or omission is done by a partner Show Answer

Q46) A, a partner in a firm transferred his interest by creation of a charge on such interest Show Answer

Q47) A,a partner in a firm transferred his interest by creation of a charge on such interest Show Answer

Q48) A person may be admitted to a firm Show Answer

Q49) A minor Show Answer

Q50) A minor admitted to the benefits of the partnership Show Answer

Q51) If a person fails to give public notice of his becoming major Show Answer

Q52) A partner may retire from the firm Show Answer

Q53) Notice of retirement of a partner Show Answer

Q54) An outgoing partner may subject to any agreement Show Answer

Q55) An outgoing partner Show Answer

Q56) Where a partner of a firm is adjudicated as insolvent he ceases to be a partner on the date on which Show Answer

Q57) Interest on capital is payable only out of Show Answer

Q58) In case of partnership at will a partner is Show Answer

Q59) A partner is liable for all acts of the firm done while he is a partner Show Answer

Q60) Where by a contract between the partners the surviving or continuing partners exercised an option given by the contract ,the estate of the deceased partner Show Answer

Q61) When under a contract between the partners ,the firm is not dissolved by the death of a partner ,the estate of deceased partner remains liable for Show Answer

Q62) Which of this falls outside the implied authority ? Show Answer

Q63) Z ,a partner of a firm dealing in readymade garments places an order for liquor worth Rs,50,000 in the firm's name .Can the principle of Z's implied authority be invoked here? Show Answer

Q64) Where a partner in a firm is adjudicated as insolvent he ceases to be a partner from the Show Answer

Q65) Section 53 prohibits partners from carrying on similar business in their own name ,till the affairs of the firm are completely wound up Show Answer

Q66) For loss caused to the firm by his fraud in the conduct of the business , partner shall Show Answer

Q67) The rule of estoppels implies that a person who holds himself out to be partner Show Answer

Q68) Does the assignees of a partner's interest by sale, mortgage or otherwise enjoy the same rights & privileges as the original partner ? Show Answer

Q69) Every partner cannot participate in the conduct of the business Show Answer

Q70) A partner who receives certain remuneration from the firm as per the express agreement ,becomes an employee of the firm Show Answer

Q71) X .Y & Z are partners ,Z who is in active partnership retires without giving public notice of his retirement .X & Y in carrying on old business incurred a liability towards M,is Z also liable to M Show Answer

Q72) Where the existence of a retiring partner was not known to the third party he is not liable for debts incurred but the firm after his retirement even if public notice of his retirement was not given Show Answer

Q73) Goodwill is the property of the firm ,& like any other property it belongs proportionately to all the partners Show Answer

Q74) The liability of a new partner generally commences from Show Answer

Q75) Which of the following statements is incorrect when the minor elects not to become a partner ? Show Answer

Q76) Partners are bound to carry on the business of the firm Show Answer

Q77) In which of the following cases ,a partner is not required to pay over the profits to the firm Show Answer

Q78) A & B are partners in a firm dealing in cloth .A placed an order in the firm 's name & on the firm's letter pad for 10 bags of wheat to be supplied at his residence Show Answer

Q79) It is the duty of every partner to share in equal proportion the losses suffered by the firm Show Answer

Q80) On attaining majority, which statement is correct ? Show Answer

Q81) when the person makes advances to the firm over & above the amount of capital to be contributed by him can he claim interest thereon ? Show Answer

Q82) In case of an emergency a partner has the authority to do all such acts so as to protect the firm from loss as would be done by _____under similar condition Show Answer

Q83) When a minor is admitted to the benefits of the partnership, the partnership agreement should be Show Answer

Q84) Every partner is bound to attend ____to his duties ,in the conduct of the business Show Answer

Q85) liability of a partner is Show Answer

Q86) Which of the following is not applicable to a outgoing partner ? Show Answer

Q87) Can a share in a partnership be transferred like any other property ? Show Answer

Q88) An unregistered firm can enforce by the suit its due from a third party Show Answer

Q89) Identify the correct sentence Show Answer

Q90) Minor can become a partner in an existing firm Show Answer

Q91) Which of the following is not an 'usual activity ' for a trading concern ,for implied authority purpose ? Show Answer

Q92) The mutual rights and duties of partners are governed Show Answer

Q93) Which of the following statements is correct? Show Answer

Q94) A partner has a right to _____ for the acts done in emergency Show Answer

Q95) Every partner has the right to Show Answer

Q96) Interest on capital subscribed by a partner may be provided for in the partnership deed Show Answer

Q97) The interest to partners on their capital should be provided only out of Show Answer

Q98) Unless otherwise agreed, a partner Show Answer

Q99) Unless otherwise agreed, every partner must account for and pay all profits earned by him Show Answer

Q100) A firm, in the course of its business, receives money from a third party. If one of the partners misapplies it, then Show Answer

Q101) _____ duties cannot be altered Show Answer

Q102) The firm is entitled/liable ______ made by a partner in a competing business Show Answer

Q103) _____ is liable to a third person for the willful neglect or fraud of partner Show Answer

Q104) Any profit earned without the consent of partners and by using the property of the firm, then such profit Show Answer

Q105) _________ duties are those which depend upon agreement between the partners Show Answer

Q106) A partner cannot transfer his______ Show Answer

Q107) Implied authority means the capacity of a partner to bind Show Answer

Q108) A partner of a trading firm has implied authority to Show Answer

Q109) _______ is included in the implied authority of a partner. Show Answer

Q110) Which of the following is under the implied authority of a partner in a firm? Show Answer

Q111) Authority of a partner can be Show Answer

Q112) The firm is liable to third partied for wrongful acts, only if it is done Show Answer

Q113) Implied authority of partner overs Show Answer

Q114) In case of _____ a partner has the authority to do all such acts as to protect the firm from loss Show Answer

Q115) Which of the following is correct? Show Answer

Q116) A partner's authority in an emergency Show Answer

Q117) For all acts of the firm done while he is partner every partner is Show Answer

Q118) Implied authority of a partner is subject to Show Answer

Q119) To bind the firm, an act done by a partner on behalf of the firm shall be done Show Answer

Q120) For the acts of the firm, every partner is jointly and severally liable, if the acts are done Show Answer

Q121) Partner shall indemnify the firm for any loss caused to it by ____ in the conduct of firm's business Show Answer

Q122) In case of change in constitution of the firm, the continuing guarantee given to the firm or the third party respect to the transaction of the firm Show Answer

Q123) A partner shall account for and pay all profit to the firm, as is derived from a business which is Show Answer

Q124) When the minor elects not to become a partner he is entitled to sue the partners for his share in the profits and property Show Answer