Practice Test

X and Y are partners sharing profit and losses in the ratio of their effective capital, had Rs 1,00,000 and Rs 60,000 respectively. in their Capital Account as on 1st Jan, 2014.
X introduced a further capital of Rs 10,000 on 1st April, 2014 and another Rs 5,000 on 1st July, 2014. On 30th Sep, 2014 X withdrew Rs 40,000.
On 1st July, 2014 Y introduced further capital of Rs 30,000. The partners drew the following amounts in anticipation of profits :
X drew Rs 1000 p.m. at the end of each month and Y withdrew Rs 1000 on 30th June, 2014 and Rs 5000 on 1st Sept. 2014. Date of closing 31.12.2014 Calculate profit and loss ratio on the basis of their effective capital :

___ denotes that the parties to a contract are not bound under the contract.

Under the Sale of Goods Act, 1930, which one of the following is not an implied warranty in a contract of sale ?