CA Foundation Exam > CA Foundation Questions > Amar, Akbar and Anthony jointly started busin...
Start Learning for Free
Amar, Akbar and Anthony jointly started business of supplying cottons and agreed to share profits equally through oral agreement on 01.03.2007. Amar and Akbar are active partners, while Anthony is a sleeping partner.
Q.If Akbar becomes insane, and Anthony files a suit. Can the court pass an order for dissolution?
- a)No, because the suit has not been filed by an active partner.
- b)No, because other partners can still continue.
- c)Yes, if Akbar agrees to it.
- d)Yes.
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
Amar, Akbar and Anthony jointly started business of supplying cottons ...
Answer:
The court can pass an order for dissolution in the given scenario as per the Indian Partnership Act, 1932.
Explanation:
• The Indian Partnership Act, 1932 governs partnerships in India and does not mandate any written agreement for the formation of a partnership.
• The partners can enter into an oral agreement, which is legally binding, unless there is a written agreement to the contrary.
• In this case, Amar, Akbar, and Anthony entered into an oral agreement to share profits equally, and Anthony is a sleeping partner.
• If Akbar becomes insane, he will not be able to carry out his duties as an active partner, and the partnership may suffer losses.
• Anthony may file a suit for dissolution of the partnership due to the incapacity of Akbar.
• The court can pass an order for dissolution as it is a legal remedy available to the partners.
• The court may also order for the appointment of a receiver or liquidator to wind up the affairs of the partnership and distribute the assets among the partners.
• The court may also take into account the terms of the oral agreement between the partners while making an order for dissolution.
Conclusion:
Thus, the court can pass an order for dissolution of the partnership if Akbar becomes insane and Anthony files a suit, as per the Indian Partnership Act, 1932.
The court can pass an order for dissolution in the given scenario as per the Indian Partnership Act, 1932.
Explanation:
• The Indian Partnership Act, 1932 governs partnerships in India and does not mandate any written agreement for the formation of a partnership.
• The partners can enter into an oral agreement, which is legally binding, unless there is a written agreement to the contrary.
• In this case, Amar, Akbar, and Anthony entered into an oral agreement to share profits equally, and Anthony is a sleeping partner.
• If Akbar becomes insane, he will not be able to carry out his duties as an active partner, and the partnership may suffer losses.
• Anthony may file a suit for dissolution of the partnership due to the incapacity of Akbar.
• The court can pass an order for dissolution as it is a legal remedy available to the partners.
• The court may also order for the appointment of a receiver or liquidator to wind up the affairs of the partnership and distribute the assets among the partners.
• The court may also take into account the terms of the oral agreement between the partners while making an order for dissolution.
Conclusion:
Thus, the court can pass an order for dissolution of the partnership if Akbar becomes insane and Anthony files a suit, as per the Indian Partnership Act, 1932.
Free Test
FREE
| Start Free Test |
Community Answer
Amar, Akbar and Anthony jointly started business of supplying cottons ...
Yes, because to form a partnership there must be minimum 2 persons.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
Amar, Akbar and Anthony jointly started business of supplying cottons and agreed to share profits equally through oral agreement on 01.03.2007. Amar and Akbar are active partners, while Anthony is a sleeping partner.Q.If Akbar becomes insane, and Anthony files a suit. Can the court pass an order for dissolution?a)No, because the suit has not been filed by an active partner.b)No, because other partners can still continue.c)Yes, if Akbar agrees to it.d)Yes.Correct answer is option 'D'. Can you explain this answer?
Question Description
Amar, Akbar and Anthony jointly started business of supplying cottons and agreed to share profits equally through oral agreement on 01.03.2007. Amar and Akbar are active partners, while Anthony is a sleeping partner.Q.If Akbar becomes insane, and Anthony files a suit. Can the court pass an order for dissolution?a)No, because the suit has not been filed by an active partner.b)No, because other partners can still continue.c)Yes, if Akbar agrees to it.d)Yes.Correct answer is option 'D'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Amar, Akbar and Anthony jointly started business of supplying cottons and agreed to share profits equally through oral agreement on 01.03.2007. Amar and Akbar are active partners, while Anthony is a sleeping partner.Q.If Akbar becomes insane, and Anthony files a suit. Can the court pass an order for dissolution?a)No, because the suit has not been filed by an active partner.b)No, because other partners can still continue.c)Yes, if Akbar agrees to it.d)Yes.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Amar, Akbar and Anthony jointly started business of supplying cottons and agreed to share profits equally through oral agreement on 01.03.2007. Amar and Akbar are active partners, while Anthony is a sleeping partner.Q.If Akbar becomes insane, and Anthony files a suit. Can the court pass an order for dissolution?a)No, because the suit has not been filed by an active partner.b)No, because other partners can still continue.c)Yes, if Akbar agrees to it.d)Yes.Correct answer is option 'D'. Can you explain this answer?.
Amar, Akbar and Anthony jointly started business of supplying cottons and agreed to share profits equally through oral agreement on 01.03.2007. Amar and Akbar are active partners, while Anthony is a sleeping partner.Q.If Akbar becomes insane, and Anthony files a suit. Can the court pass an order for dissolution?a)No, because the suit has not been filed by an active partner.b)No, because other partners can still continue.c)Yes, if Akbar agrees to it.d)Yes.Correct answer is option 'D'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Amar, Akbar and Anthony jointly started business of supplying cottons and agreed to share profits equally through oral agreement on 01.03.2007. Amar and Akbar are active partners, while Anthony is a sleeping partner.Q.If Akbar becomes insane, and Anthony files a suit. Can the court pass an order for dissolution?a)No, because the suit has not been filed by an active partner.b)No, because other partners can still continue.c)Yes, if Akbar agrees to it.d)Yes.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Amar, Akbar and Anthony jointly started business of supplying cottons and agreed to share profits equally through oral agreement on 01.03.2007. Amar and Akbar are active partners, while Anthony is a sleeping partner.Q.If Akbar becomes insane, and Anthony files a suit. Can the court pass an order for dissolution?a)No, because the suit has not been filed by an active partner.b)No, because other partners can still continue.c)Yes, if Akbar agrees to it.d)Yes.Correct answer is option 'D'. Can you explain this answer?.
Solutions for Amar, Akbar and Anthony jointly started business of supplying cottons and agreed to share profits equally through oral agreement on 01.03.2007. Amar and Akbar are active partners, while Anthony is a sleeping partner.Q.If Akbar becomes insane, and Anthony files a suit. Can the court pass an order for dissolution?a)No, because the suit has not been filed by an active partner.b)No, because other partners can still continue.c)Yes, if Akbar agrees to it.d)Yes.Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of Amar, Akbar and Anthony jointly started business of supplying cottons and agreed to share profits equally through oral agreement on 01.03.2007. Amar and Akbar are active partners, while Anthony is a sleeping partner.Q.If Akbar becomes insane, and Anthony files a suit. Can the court pass an order for dissolution?a)No, because the suit has not been filed by an active partner.b)No, because other partners can still continue.c)Yes, if Akbar agrees to it.d)Yes.Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Amar, Akbar and Anthony jointly started business of supplying cottons and agreed to share profits equally through oral agreement on 01.03.2007. Amar and Akbar are active partners, while Anthony is a sleeping partner.Q.If Akbar becomes insane, and Anthony files a suit. Can the court pass an order for dissolution?a)No, because the suit has not been filed by an active partner.b)No, because other partners can still continue.c)Yes, if Akbar agrees to it.d)Yes.Correct answer is option 'D'. Can you explain this answer?, a detailed solution for Amar, Akbar and Anthony jointly started business of supplying cottons and agreed to share profits equally through oral agreement on 01.03.2007. Amar and Akbar are active partners, while Anthony is a sleeping partner.Q.If Akbar becomes insane, and Anthony files a suit. Can the court pass an order for dissolution?a)No, because the suit has not been filed by an active partner.b)No, because other partners can still continue.c)Yes, if Akbar agrees to it.d)Yes.Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of Amar, Akbar and Anthony jointly started business of supplying cottons and agreed to share profits equally through oral agreement on 01.03.2007. Amar and Akbar are active partners, while Anthony is a sleeping partner.Q.If Akbar becomes insane, and Anthony files a suit. Can the court pass an order for dissolution?a)No, because the suit has not been filed by an active partner.b)No, because other partners can still continue.c)Yes, if Akbar agrees to it.d)Yes.Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Amar, Akbar and Anthony jointly started business of supplying cottons and agreed to share profits equally through oral agreement on 01.03.2007. Amar and Akbar are active partners, while Anthony is a sleeping partner.Q.If Akbar becomes insane, and Anthony files a suit. Can the court pass an order for dissolution?a)No, because the suit has not been filed by an active partner.b)No, because other partners can still continue.c)Yes, if Akbar agrees to it.d)Yes.Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup