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Test: General Nature Of A Partnership- 2 - CA Foundation MCQ


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30 Questions MCQ Test Business Laws for CA Foundation - Test: General Nature Of A Partnership- 2

Test: General Nature Of A Partnership- 2 for CA Foundation 2024 is part of Business Laws for CA Foundation preparation. The Test: General Nature Of A Partnership- 2 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: General Nature Of A Partnership- 2 MCQs are made for CA Foundation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: General Nature Of A Partnership- 2 below.
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Test: General Nature Of A Partnership- 2 - Question 1

Which of these statements is not true with respect to a Joint Hindu Family Business?

Detailed Solution for Test: General Nature Of A Partnership- 2 - Question 1

To determine which statement is not true with respect to a Joint Hindu Family Business, let's analyze each statement:

  1. It can have female members:

    • This is true. As per the Hindu Succession (Amendment) Act, 2005, daughters are recognized as coparceners and have the same rights as sons in the Joint Hindu Family property.
  2. A Joint Hindu Family firm arises on the basis of status i.e. Birth or by operation of law:

    • This is true. A Joint Hindu Family business is created by the birth of a male member into the family and not by an agreement between parties.
  3. Death of a coparcener does not dissolve the Joint Hindu Family firm:

    • This is true. The death of a coparcener does not dissolve the Joint Hindu Family business; it continues with the remaining members.
  4. Coparcener is liable only to the extent of his share in the family property:

    • This is not true. In a Joint Hindu Family Business, the liability of the coparceners is typically unlimited. This means that the personal property of the coparceners can also be used to settle the debts of the family business.

Therefore, the statement that is not true with respect to a Joint Hindu Family Business is:

  1. Coparcener is liable only to the extent of his share in the family property.
Test: General Nature Of A Partnership- 2 - Question 2

M, is employed as a manager by a partnership firm ABC Brothers; M is entitled to a salary of Rs. 50,000 per month and 10% of profits of the firm only, if profits of the firm exceed Rs. 30 lakhs in a year. State whether M:

Detailed Solution for Test: General Nature Of A Partnership- 2 - Question 2
  • M is employed as a manager and receives a fixed salary of Rs. 50,000 per month.
  • His entitlement to 10% of profits is conditional on profits exceeding Rs. 30 lakhs.
  • These terms indicate he is an employee, not a partner, as he does not have ownership rights or responsibilities typical of a partner.
  • Therefore, M cannot be called a partner in the firm; he is simply a salaried manager.
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Test: General Nature Of A Partnership- 2 - Question 3

Mode of determining existence of partnership is 

Test: General Nature Of A Partnership- 2 - Question 4

Under the Indian Partnership Act, 1932, partnership can be formed with 

Test: General Nature Of A Partnership- 2 - Question 5

Which of the following persons may be admitted as a partner in a partnership firm:-

Test: General Nature Of A Partnership- 2 - Question 6

Partnership deed is also called as:

Test: General Nature Of A Partnership- 2 - Question 7

An agreement between the partners must be: 

Test: General Nature Of A Partnership- 2 - Question 8

In case of Partnership, in the event of losses, unless agreed otherwise, the loss is to be borne by all the partners_________.

Test: General Nature Of A Partnership- 2 - Question 9

Which of the following statements is not correct in relation to Partnership?

Test: General Nature Of A Partnership- 2 - Question 10

Partnership at will means:

Test: General Nature Of A Partnership- 2 - Question 11

 Dormant partner is known as_________.

Test: General Nature Of A Partnership- 2 - Question 12

For admitting a minor into the benefits of partnership consent of _________ is required:

Test: General Nature Of A Partnership- 2 - Question 13

A rented a house from X for carrying on the business of the firm. After one month A did not pay the rent. B and C are other partners of the firm. X can claim his rent from:

Test: General Nature Of A Partnership- 2 - Question 14

Raj and Ram, two friends buy hundred mobile sets agreeing to share the same between them. It is a : 

Test: General Nature Of A Partnership- 2 - Question 15

Which of the following words can be used as a part of a firm name?

Test: General Nature Of A Partnership- 2 - Question 16

 Interest on capital will be allowed only when: 

Test: General Nature Of A Partnership- 2 - Question 17

Partnership Deed signifies: 

Test: General Nature Of A Partnership- 2 - Question 18

True test of partnership is:

Test: General Nature Of A Partnership- 2 - Question 19

A introduces B to C as a partner in his firm. B, in fact is not a partner but did not deny the fact. C advanced a loan to A, which he (A) could not pay back. C held B liable for repayment of loan because: B is a

Test: General Nature Of A Partnership- 2 - Question 20

A particular partnership is: 

Test: General Nature Of A Partnership- 2 - Question 21

A partnership firm having a banking business is a valid partnership when the number of partners exceeds: 

Test: General Nature Of A Partnership- 2 - Question 22

A minor should give public notice within _______ months of attaining majority, to elect whether to become a partner or not to become a partner.

Test: General Nature Of A Partnership- 2 - Question 23

X and Y formed a partnership firm to undertake construction of a Terminal for Northern Railway at Pune. This partnership is a:

Test: General Nature Of A Partnership- 2 - Question 24

In the absence of specific provisions in the Partnership Deed, every partner is bound to contribute in ________ to the losses of the firm: 

Test: General Nature Of A Partnership- 2 - Question 25

Partnership cannot be formed between 

Test: General Nature Of A Partnership- 2 - Question 26

According to the Indian Partnership Act, 1932 a partnership is valid where:

Test: General Nature Of A Partnership- 2 - Question 27

Where no provision is made by contract between the partners for duration of partnership or determination of their partnership, the partnership is called: 

Test: General Nature Of A Partnership- 2 - Question 28

Which of the following is not valid partnership: 

Test: General Nature Of A Partnership- 2 - Question 29

To constitute a partnership agreement, it: 

Test: General Nature Of A Partnership- 2 - Question 30

A and B purchased a second hand car, get it renovated for selling and shared the proceeds equally. They are: 

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