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Test: General Nature Of A Partnership- 1


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45 Questions MCQ Test Business Laws for CA Foundation | Test: General Nature Of A Partnership- 1

Test: General Nature Of A Partnership- 1 for CA Foundation 2022 is part of Business Laws for CA Foundation preparation. The Test: General Nature Of A Partnership- 1 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: General Nature Of A Partnership- 1 MCQs are made for CA Foundation 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: General Nature Of A Partnership- 1 below.
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Test: General Nature Of A Partnership- 1 - Question 1

Prior to enactment of The Indian Partnership Act, 1932, the law relating to partnership in India were embodied in

Test: General Nature Of A Partnership- 1 - Question 2

A partnership firm comes into existence by agreement between all the partners, and such agreement should be

Test: General Nature Of A Partnership- 1 - Question 3

The maximum number of partners in a firm carrying on banking business is_________.

Detailed Solution for Test: General Nature Of A Partnership- 1 - Question 3

As per the Companies Act, 2013 the maximum number of members in a partnership firm is 100. The minimum number of partners should be atleast 2. The maximum number of members for a firm carrying banking business is 10.

Test: General Nature Of A Partnership- 1 - Question 4

When a minor attains majority, from which date is he deemed to be a partner with unlimited liability?

Test: General Nature Of A Partnership- 1 - Question 5

A person when himself told that he is a partner of the firm, then he is a: 

Test: General Nature Of A Partnership- 1 - Question 6

Failure by a minor to give public notice within six months will have the following effect: 

Test: General Nature Of A Partnership- 1 - Question 7

D and J purchased 100 bales of cotton to be sold on Joint Account. They agreed to share profit and losses equally. They are: 

Test: General Nature Of A Partnership- 1 - Question 8

 Partnership agreement can be:

Test: General Nature Of A Partnership- 1 - Question 9

Limited Partnership is found in:

Test: General Nature Of A Partnership- 1 - Question 10

Which of the following is not a kind of partner: 

Test: General Nature Of A Partnership- 1 - Question 11

The partnership defines business in an: 

Test: General Nature Of A Partnership- 1 - Question 12

__________Partner does not take active part in the conduct of the business: 

Detailed Solution for Test: General Nature Of A Partnership- 1 - Question 12

 Dormant/Sleeping Partner
This is a partner that does not participate in the daily functioning of the partnership firm, i.e. he does not take an active part in the daily activities of the firm. ... He will continue to share the profits and losses of the firm and even bring in his share of capital like any other partner.

Test: General Nature Of A Partnership- 1 - Question 13

 Which of these is a valid partnership?

Detailed Solution for Test: General Nature Of A Partnership- 1 - Question 13

Correct Answer :- c

Explanation : In a Partnership firm, the maximum number of members is 20 in general business and 10 in banking firms. In a Joint Stock Company, the maximum number of members is 50 in a private company and there is no maximum limit in a public company.

Test: General Nature Of A Partnership- 1 - Question 14

 Which of these can be admitted as a partner?

Test: General Nature Of A Partnership- 1 - Question 15

Johnson is an employee of ABC Ltd. He is entitled to a salary of Rs. 8,00,000 and entitled to a commission of 20%. If the profit in a year is Rs. 1 crore, then Johnson is: 

Test: General Nature Of A Partnership- 1 - Question 16

 Sleeping partner is: 

Test: General Nature Of A Partnership- 1 - Question 17

A partnership can be formed with: 

Test: General Nature Of A Partnership- 1 - Question 18

What is the true test of partnership?

Detailed Solution for Test: General Nature Of A Partnership- 1 - Question 18

The truest test of a partnership is the existence of a Mutual Agency.

Test: General Nature Of A Partnership- 1 - Question 19

A partner who contributes capital in the firm but does not actively participates in the working of the business is called:

Test: General Nature Of A Partnership- 1 - Question 20

A partnership firm can raise its capital: 

Test: General Nature Of A Partnership- 1 - Question 21

Which one of the following statements is true.

Test: General Nature Of A Partnership- 1 - Question 22

Johnson is employed as a controller finance in a partnership firm ABC & co. Johnson is entitled to a monthly salary of R.s 2 lacs and 20% of the profit only if profits of the firm exceed Rs. 1 crore in a year. State whether Johnson be called: 

Test: General Nature Of A Partnership- 1 - Question 23

A and B Enter into an agreement to work together for a Construction project where in A will receive all the payments including profits and shall pay Rs. 300 per day as wages to B. State weather A and B are:

Test: General Nature Of A Partnership- 1 - Question 24

Failure by a minor to give public notice within six months will have following effect.

Test: General Nature Of A Partnership- 1 - Question 25

What is a Partnership?

Test: General Nature Of A Partnership- 1 - Question 26

In case of admission of a partner, how much amount should a partner bring as his capital?

Test: General Nature Of A Partnership- 1 - Question 27

A partnership formed for a fixed period, continues after the fixed period, the partnership is known as 

Test: General Nature Of A Partnership- 1 - Question 28

Partnership agreement must be in ______.

Test: General Nature Of A Partnership- 1 - Question 29

 Sub partnership arise between.

Test: General Nature Of A Partnership- 1 - Question 30

 A partnership firm can raise its capital:

Test: General Nature Of A Partnership- 1 - Question 31

The maximum number of partners in a firm carrying on banking business is_________.

Detailed Solution for Test: General Nature Of A Partnership- 1 - Question 31
  1. According to section 11 of the Companies Act, 1956 a partnership for a banking business must not have more than 10 partners and for other businesses, it must not exceed 20.
Test: General Nature Of A Partnership- 1 - Question 32

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

Test: General Nature Of A Partnership- 1 - Question 33

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

Test: General Nature Of A Partnership- 1 - Question 34

D and J purchased 100 bales of cotton to be sold on Joint Account. They agreed to share profit and losses equally. They are: 

Test: General Nature Of A Partnership- 1 - Question 35

The written agreement of partnership is most commonly referred to as:

Test: General Nature Of A Partnership- 1 - Question 36

Which of the following is not a kind of partner: 

Test: General Nature Of A Partnership- 1 - Question 37

A partner who does no contribute capital in the firm and does not participate actively in the working of the business of the firm but allows the firm to use his name along with goodwill is called:

Test: General Nature Of A Partnership- 1 - Question 38

The term company is defined under which sec of the Act?

Test: General Nature Of A Partnership- 1 - Question 39

 To constitute a partnership agreement, it: 

Detailed Solution for Test: General Nature Of A Partnership- 1 - Question 39

The partnership is an agreement between two or more persons who decided to do business and share its profits and losses. To have a legal relationship between the partners, the partnership agreement becomes the basis. The agreement can be in written form or oral form. An oral agreement is equally valid.

Test: General Nature Of A Partnership- 1 - Question 40

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- 1 - Question 41

 Partnership agreement must be in ______.

Test: General Nature Of A Partnership- 1 - Question 42

Under the Indian Partnership Act, 1932, in the absence of an agreement among the partners, profits of a firm shall be divided in the ratio of : 

Test: General Nature Of A Partnership- 1 - Question 43

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

Test: General Nature Of A Partnership- 1 - Question 44

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- 1 - Question 45

Liability of partner is __________.

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