CPT Imp MCQs on Partnership Act
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CPT Imp MCQs on Partnership Act

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Last Minute Revision for CPT Law Chapter3

Last Minute Revision for CPT Law Chapter3

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  • 1. [THE PARTNERSHIP ACT 1932] December 8, 2010 Important MCQ’s on partnership ActQ.1 Bharath paid a premium for entering into Partnership for a fixed term. The Firm is dissolvedbefore the expiry of such term. In which of these cases is Bharath entitled to return of premiumor any part thereof?1. Dissolution is caused by death of a Partner2. Dissolution is due to Bharaths misconduct3. Dissolution is based on agreement which contains no provision as to return to the premium4. Dissolution is due to the retirement of another Partner.Q.2 which of the following partners are not liable in relation to the Firm?1. Partner by holding out2. Working Partner3. Sub-Partner4. Partner by estoppel.Q.3 a partner of an Unregistered Firm cannot Sue the Firm or any other Partner of the Firm toenforce a right1. Arising from a contract2. Conferred by the Partnership Act3. Either (1) or (2)4. Both (1) and (2)Q.4 Registration of Firm does not create Partnership, but is only the evidence of existence ofPartnership.1. True2. Partly True3. False4. Partly FalseQ.5 a partner of an unregistered firm can sue for ____ of the firm.1. Goodwill2. Share in property3. Dissolution4. Nothingvxplain 2 score more-- post your doubts to us at vxplain@gmail.com Page 1
  • 2. [THE PARTNERSHIP ACT 1932] December 8, 2010Q.6 The conclusive evidence of registration of firms is :1. The register of firms maintained by the Registrar of Firm2. The certificate of registration of the firm3. A certified copy of the Register of Firms4. None of the aboveQ.7 Firm will not be compulsorily dissolved, when1. The partnership has various adventures & one such adventure becomes illegal2. The decision is taken by all the partners to dissolve the Firm3. The business of the Firm becomes unlawful4. All partners or any one of the partners is declared insolvent.Q.8 The partnership deed must be properly drafted and stamped according to the provision of :1. Indian Partnership Act2. Indian Stamp Act3. Income Tax Act4. The Companies ActQ.9 The accounting rule in respect of loss arising due to insolvency of a partner is dealt with in____1. Garner vs Murray2. Hyde vs wrench3. Carl ill vs carbolic smoke Ball co4. Derry vs peek.Q.10 Which of the following acts are not included in the implied authority of a partner?1. To buy or sell goods on account of partnership2. To borrow money for the purposes of firm3. To enter into partnership on behalf of firm4. To engage a lawyer to defend actions against firmvxplain 2 score more-- post your doubts to us at vxplain@gmail.com Page 2
  • 3. [THE PARTNERSHIP ACT 1932] December 8, 2010Q.11 Expulsion of a partner from the firm is regular when partnership deed authorizes the otherpartners and they use this authority by:1. Any majority of the partners2. Two - third majority of the partners3. Three - forth majority of the partners4. Unanimous consent of the all existing partnersQ.12 In which of the following cases, the Firm is not bound by the act of the Partner?1. Act done by a Partner or his agent on behalf of the Firm2. Act done by a Partner in the Firm name3. Act done by a Partner in any manner expressing or implying an intention to bind the Firm4. Act done fraudulently or negligentlyQ.13 Liability of a Partner is -1. Limited to the extent of his share of the business profits2. Unlimited3. Limited to the extent of capital4. Limited to the extent of loan given to the Firm.Q.14 A, B and C are in Partnership. A and C are adjudicated insolvent, while B wants tocontinue the Firm. Which of the following is true?1. Firm is also declared insolvent2. B has to repay the debts of the Firm3. Firm is automatically dissolved and hence B cannot continue4. The Court has to give order for dissolution.Q.15 X, Y and Z were Partners in a Firm. During the course of business, the Firm ordered aTextile Machinery with ABC Ltd. After the order was placed, but before delivery of machinery,X expired. Thereafter the remaining Partners became insolvent and the Firm was unable to payfor the machine.1. Xs estate will be liable for the price of the Machinery2. Xs estate will not be liable for the price of the Machinery3. ABC Ltd will be liable for the price of the Machinery4. ABC Ltd will not be liable for the price of the Machinery.vxplain 2 score more-- post your doubts to us at vxplain@gmail.com Page 3
  • 4. [THE PARTNERSHIP ACT 1932] December 8, 2010Q.16 Partnership property vests -1. In the Partner of the Firm2. In the Firm3. In the continuing Partners of the Firm4. In the retiring Partners of the Firm.Q.17.The relation between partners arise1. from status2. from an agreement3. from legal provisions4. from mutual under standingQ.18.A firm is the name of1.the collective name under which partners business2.the business under which the firm carries on business3.the minors in the firm4.the PartnersQ.19.X and Y agree to divide the profits of a business in equal shares but the loss if any, to beborne by X alone. The partnership agreement is1. Void2. lawful3. voidable4. illegalQ.20.The Partnership Act extends to the whole of India except the state of1. Jammu & Kashmir2. Maharashtra3. Goa4. Uttar Pradeshvxplain 2 score more-- post your doubts to us at vxplain@gmail.com Page 4
  • 5. [THE PARTNERSHIP ACT 1932] December 8, 2010Q.21.Partnership agreements may be 1.implied 2.expressed 3.(1) and (2) 4.(1) or (2)Q.22. In which of the following cases compulsory dissolution of a partnership is not possible 1. By business becoming illegal 2. By notice of dissolution 3. By transferring the business place of firm from one place to another place 4. by mutual agreementvxplain 2 score more-- post your doubts to us at vxplain@gmail.com Page 5