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Page 1 Questions on Implied Authority Questions Page 2 Questions on Implied Authority Questions Question No.1 Which of this falls outside the implied authority? A] Taking loan by pledging goods of the firm B] Accepting Bills of Exchange on behalf of the firm. C] Submit disputes for arbitration D] Settle accounts with customers. Ans C Page 3 Questions on Implied Authority Questions Question No.1 Which of this falls outside the implied authority? A] Taking loan by pledging goods of the firm B] Accepting Bills of Exchange on behalf of the firm. C] Submit disputes for arbitration D] Settle accounts with customers. Ans C Question No.2 Which of this acts are within the implied authority? A] Enter into partnership on behalf of the firm. B] Admit any liability in a suit against the firm. C] Withdraw a suit filed on behalf of the firm. D] To issue cheques on behalf of the firm. Ans D Page 4 Questions on Implied Authority Questions Question No.1 Which of this falls outside the implied authority? A] Taking loan by pledging goods of the firm B] Accepting Bills of Exchange on behalf of the firm. C] Submit disputes for arbitration D] Settle accounts with customers. Ans C Question No.2 Which of this acts are within the implied authority? A] Enter into partnership on behalf of the firm. B] Admit any liability in a suit against the firm. C] Withdraw a suit filed on behalf of the firm. D] To issue cheques on behalf of the firm. Ans D Question No.3 The implied authority of any partner is subject to ? A] Usage or customs of the trade. B] Specific authority of the partners. C] Both (a) and (b). D] Either (a) and (b). Ans C Page 5 Questions on Implied Authority Questions Question No.1 Which of this falls outside the implied authority? A] Taking loan by pledging goods of the firm B] Accepting Bills of Exchange on behalf of the firm. C] Submit disputes for arbitration D] Settle accounts with customers. Ans C Question No.2 Which of this acts are within the implied authority? A] Enter into partnership on behalf of the firm. B] Admit any liability in a suit against the firm. C] Withdraw a suit filed on behalf of the firm. D] To issue cheques on behalf of the firm. Ans D Question No.3 The implied authority of any partner is subject to ? A] Usage or customs of the trade. B] Specific authority of the partners. C] Both (a) and (b). D] Either (a) and (b). Ans C Question No.4 Notice to a partner operates as notice to firm. For such purpose notice must be given to: A] All the partners jointly B] Partner who habitually acts in the business of firm C] Any two partner D] Only dormant partner Ans BRead More
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FAQs on PPT - Relation of Partners - 2 - Business Laws for CA Foundation
| 1. What is the significance of understanding the relation of partners in CA Foundation? |  |
Ans. Understanding the relation of partners is crucial in CA Foundation as it forms the basis of partnership accounting. It helps in determining each partner's rights, duties, and liabilities, and assists in the calculation of profit sharing ratios and the distribution of profits or losses among partners.
| 2. How is the profit sharing ratio determined in a partnership? | |
Ans. The profit sharing ratio in a partnership is typically determined based on the terms agreed upon by the partners. It is usually based on the capital contributed, the time and effort invested, and any special skills or resources brought by each partner. The profit sharing ratio can be expressed as a fraction or a percentage and is used to distribute the profits or losses among the partners.
| 3. What are the different types of partnerships? | |
Ans. There are three main types of partnerships:
1. General Partnership: In a general partnership, all partners have unlimited liability and share both the profits and losses of the business.
2. Limited Partnership: In a limited partnership, there are both general partners and limited partners. General partners have unlimited liability, while limited partners have limited liability and are not involved in the day-to-day operations of the business.
3. Limited Liability Partnership (LLP): An LLP combines the characteristics of a partnership and a corporation. It provides limited liability to the partners and allows them to participate in the management of the business.
| 4. What are the rights and duties of partners in a partnership? | |
Ans. The rights and duties of partners in a partnership include:
- Right to participate in the management of the business
- Right to share in the profits and losses
- Duty to act in good faith and in the best interest of the partnership
- Duty to contribute capital as agreed upon
- Duty to indemnify the partnership for any losses caused by their willful misconduct
- Duty to keep proper books of accounts and provide accurate information to other partners
| 5. How are partner's capital accounts maintained in a partnership? | |
Ans. Partner's capital accounts in a partnership are maintained to track the capital contributed by each partner and their share of profits or losses. The capital accounts are increased by the partner's initial capital contribution and any additional investments made. They are also increased by the partner's share of profits or decreased by their share of losses. Any withdrawals made by the partner are deducted from their capital account. The balance in the capital account represents the partner's equity in the partnership.
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