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Partnership Act Test - 2

Partnership Act Test 3

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Questions

Question 1 Multiple Choice (Single Answer)

If a minor elects to becomes partner after attaining majority, he will be liable for the debts of the firm

  1. from the date of admission as a minor partner
  2. from the date of attaining majority
  3. from the date of his notice to the public that he elects to become partner
  4. as decided by all other partners
Question 2 Multiple Choice (Single Answer)

Profits of a partnership firm must be distributed among the partners as per the partnership deed, while the profits of a company

  1. must be distributed to its shareholders
  2. may or may not be distributed to its shareholders
  3. may or may not be distributed to its board of directors, shareholders and other stakeholders
  4. are not distributable at all
Question 3 Multiple Choice (Single Answer)

Which of the following is/are essential feature(s) of partnership?

  1. Registration
  2. Partnership deed
  3. Test of mutual agency
  4. Separate legal entity
  5. All of the above
Question 4 Multiple Choice (Single Answer)

Which of the following is/are not true regarding the rights of a minor partner?

  1. He has right to share of the property and profits of the firm as may have been agreed upon.
  2. He has right to have access to and inspect and copy books of the firm.
  3. He has right to have access to and inspect and copy any of accounts.
  4. All of the above
  5. None of these
Question 5 Multiple Choice (Single Answer)

A partnership agreement may be

  1. expressed or implied
  2. written only
  3. oral only
  4. implied only
  5. expressed only
Question 6 Multiple Choice (Single Answer)

A partner may be expelled from partnership subject to which of the following conditions?

  1. The power of expulsion of a partner should be conferred by the contract between the partners.
  2. The power should be exercised by majority of the partners.
  3. The power should be exercised in good faith.
  4. All of the above
  5. None of these
Question 7 Multiple Choice (Single Answer)

A new partner is held liable for all acts of the firm done

  1. before he becomes a partner
  2. after he becomes a partner
  3. any time after even if he ceases to be a partner and up to his death
  4. before or after he becomes a partner
  5. None of these
Question 8 Multiple Choice (Single Answer)

In any partnership business, the number of partners should not exceed

  1. 10
  2. 20
  3. 15
  4. 25
  5. 21
Question 9 Multiple Choice (Single Answer)

Every partner has the right

  1. to take part in the business of the firm
  2. to share exclusive profits
  3. to use the property of the firm for personal purpose
  4. All of the above
  5. None of these
Question 10 Multiple Choice (Single Answer)

Registration of firm is

  1. compulsory
  2. optional
  3. occassional
  4. Both (2) and (3)
  5. None of these
Question 11 Multiple Choice (Single Answer)

A partner can retire

  1. at the age of superannuation
  2. at the low ebb of capital a/c
  3. in accordance with the partnership deed
  4. when a nominee becomes a partner
  5. All of the above
Question 12 Multiple Choice (Single Answer)

_____ does not relate to the dissolution of firm.

  1. Dissolution by agreement
  2. Compulsory dissolution
  3. Dissolution in the happening of certain contingency
  4. Dissolution by leaving insolvent partner
  5. None of the above
Question 13 Multiple Choice (Single Answer)

On dissolution, the partners remain liable till

  1. the accounts are settled
  2. partners' dues are paid off
  3. a public notice is given
  4. the registrar strikes off the name
  5. All of the above
Question 14 Multiple Choice (Single Answer)

A person can be introduced as a partner in a firm with the consent of

  1. all the partners
  2. any partner
  3. none of the partners
  4. some of the partners
  5. majority of the partners
Question 15 Multiple Choice (Single Answer)

Death of a partner has the effect of

  1. dissolving the firm
  2. continuance of the business of the firm
  3. his heirs joining the firm
  4. computation of profits up to the date of death
  5. All of above
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