Test: Relations Of Partners- 2


30 Questions MCQ Test Business Laws for CA Foundation | Test: Relations Of Partners- 2


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QUESTION: 1

Every partner is bound to attend _______ to his duties in the conduct to the business.

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QUESTION: 2

 In case of __________ the continuing guarantee given to the firm or the third party in respect of the transaction of the firm, the continuing guarantee is revoked as to future transactions of the firm:

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QUESTION: 3

Which of the following is within the implied authority of a partner:

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QUESTION: 4

X and Y are partners in a firm dealing in garments. X Placed an order in the firm’s name and on the firm’s letter head for 10 bottles of wine to be supplied at his residence:

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QUESTION: 5

The relationship of principal and agent may arise by: 

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QUESTION: 6

Partner shall indemnify the Firm for any loss caused to it by his ______ in the conduct of the firm’s business: 

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QUESTION: 7

X introduces Y to Z as a partner in his business. Y, infact, was not a partner but he did not deny the statement. Z advanced a loan to X. X could not repay the loan. Z can hold Y responsible for the repayment of loan because:

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QUESTION: 8

In absence of partnership deed interest on capital is charged for a fixed period of: 

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QUESTION: 9

Which of the following acts are beyond the scope of ‘Implied Authority’ of a partner?

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QUESTION: 10

Every partner is bound to attend _______ to his duties in the conduct of the business: 

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QUESTION: 11

 A, B C were partners in a partnership firm. “A paid the liabilities of the firm although he had no authority to do so. What can be the possible action of other partners?

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QUESTION: 12

A partner may be expelled from the firm on the fulfillment of the condition that the expulsion power is exercised ______:

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QUESTION: 13

 The estate of a partner who dies, is not liable u/s 45 for acts done after the date on which he ceases to be a partner. This statement is …………..:

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QUESTION: 14

 For the Acts of the firm: 

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QUESTION: 15

An admission or representation made by a partner concerning the affairs of the firm is the evidence against the firm in …………….. :

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QUESTION: 16

The partner of the firm can be expelled from the firm with the consent of: 

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QUESTION: 17

Right of a partner to open a bank account in his own name on behalf of the firm is covered by:

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QUESTION: 18

Which of the following acts are within the implied authority of a partner of a firm?

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QUESTION: 19

Which of the following is not covered by the term “ Property of the firm”

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QUESTION: 20

A, B, C are members of a banking firm. D who owes the firm Rs. 1,000 pays it to A. A without informing B and C about the payment by D, misappropriates the amount. Is D discharged of his debt to the firm by the payment made to A:

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QUESTION: 21

A minor admitted to the benefits of the partnership cannot file a suit for his share of profits or property of the firm, except: 

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QUESTION: 22

Mini was a partner in a firm. The firm ordered goods in Mini’s life time, but delivery was not made until after Mini’s death. The supplier of the goods claims to be paid out of Mini’s estate. Advise Mini’s representatives:

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QUESTION: 23

Public notice is not required when : 

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QUESTION: 24

Reconstruction of a firm occurs when:

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QUESTION: 25

Every partner has a right to:

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QUESTION: 26

Partnership property vests in the: 

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QUESTION: 27

To bind the firm under implied authority, the act must be done in the________ of carrying on the firm’s business: 

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QUESTION: 28

 If profit sharing ratio is not specified in the partnership deed, then the profit is shared_______:

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QUESTION: 29

 A third party deals with the firm without knowledge that ‘A’ (a sleeping partner) has retired from the firm. In such a case, ‘A’ : 

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QUESTION: 30

Which of the following acts is included in the implied authority of a partner?

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