Test: Relations Of Partners- 3 - CA Foundation MCQ

Reconstituted

Reorganized

Dissolved

Deregistered.

Not correct since Robert has right of access to books of accounts

Valid since Robert is a sleeping partner who has no such rights

Valid since a partner has no right to access to access to books of accounts

Valid since the reason cited by Robert is unacceptable.

Valid

Void

Voidable

Bonafide

Total Amount of Premium paid by the firm up to the date balance

Annual premium paid each year

Amount to be received on the maturity of the Joint Life Policy

Surrender value of the Policy

Any partner

All the partner

Agent of the firm

Any of the above.

Partnership deed

Implied Authority

Indian contract Act, 1872

None of the above

All the partners

Majority of partners

Partner with maximum capital contribution

With the permission of Registrar

All the partners

Majority of the Partners

Any working partner of the firm

None of the above

True

False

Partly true

Can’t say

Change in profit sharing ratio

Admission of a Partner

Death of a Partner

Retirement of Partner

Commences from the date of his admission

Depends upon the terms of the partnership agreement

Is for the pre-existing debts of the firm

All of the above.

To be paid salary

To be paid salary if he is an Active Partner

To be paid salary if he is a dormant partner only

Not to be paid salary including dormant partner

Debited to capital accounts of each partner

Credited to capital accounts of each partner

Credited to Profit and Loss account of firm

Debited to Profit and Loss account of firm

Upto 31st March

When last accounts are made up

Upto the retirement date

Not entitled to any profit

Dissolution of firm

Insolvency of a partner

Change in constitution of the firm

None of the above.

Open a bank account on behalf of the firm

Engaging and discharging employees

Accepting any amount of debts due to the partnership firm

Enter into partnership on behalf of the firm

Express or Implied Agreement

Ratification

Operation of law

All of the above

C is liable for the subsequent debts incurred by A and B

C is not liable for the subsequent debts incurred by A and B

C’s retirement results in dissolution of partnership

None

Can become a partner in the firm of the deceased partner only if the surviving partners give their consent in this regard

Does not have a right to become a partner in the firm of the deceased partner

Has a right to become a partner in the firm of the deceased partner

Both  (a) and (b)

To be paid salary

To be paid salary if he is an Active Partner

To be paid salary if he is a dormant partner only

Not to be paid salary including dormant partner

All

Majority

No consent required

None of these

With consent of all partners

As per express agreement

By written notice in partnership at will

All of the above

True

Partly true

False

Partly false

Unanimous consent of all the partners

Consent of the majority of the partners

Special majority of partners

New partner only

Negligence

Willful neglect

Interference

Over – indulgence

Be remunerated

Be consulted

Receive interest on capital

Do his own business

When the Registrar of Firms sanctions such filing of suit 

When the minor intends to severe his connections with the firm

When all other partners force a minor to file a suit 

When the firm is dissolved 

Property and rights and interest in property originally brought into the stock of the firm

Property acquired by or for the firm

Goodwill of the business

Property of the partners

Mini’s estate is not liable for the price in an action for goods sold and delivered, as there was no debt in respect of the goods in Mini’s life time

Mini’s estate is not liable for the price in an action for goods sold and delivered

Mini’s estate is liable as the firm ordered goods in Mini’s lifetime

None of the above

By sale

By charge

By mortgage

All of these