Test: General Nature Of A Partnership- 2 - CA Foundation MCQ
30 Questions MCQ Test - Test: General Nature Of A Partnership- 2
Which of these statements is not true with respect to a Joint Hindu Family Business?
M, is employed as a manager by a partnership firm ABC Brothers; M is entitled to a salary of Rs. 50,000 per month and 10% of profits of the firm only, if profits of the firm exceed Rs. 30 lakhs in a year. State whether M:
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Mode of determining existence of partnership is
Under the Indian Partnership Act, 1932, partnership can be formed with
Which of the following persons may be admitted as a partner in a partnership firm:-
An agreement between the partners must be:
In case of Partnership, in the event of losses, unless agreed otherwise, the loss is to be borne by all the partners_________.
Which of the following statements is not correct in relation to Partnership?
For admitting a minor into the benefits of partnership consent of _________ is required:
A rented a house from X for carrying on the business of the firm. After one month A did not pay the rent. B and C are other partners of the firm. X can claim his rent from:
Raj and Ram, two friends buy hundred mobile sets agreeing to share the same between them. It is a :
Which of the following words can be used as a part of a firm name?
Interest on capital will be allowed only when:
A introduces B to C as a partner in his firm. B, in fact is not a partner but did not deny the fact. C advanced a loan to A, which he (A) could not pay back. C held B liable for repayment of loan because: B is a
A partnership firm having a banking business is a valid partnership when the number of partners exceeds:
A minor should give public notice within _______ months of attaining majority, to elect whether to become a partner or not to become a partner.
X and Y formed a partnership firm to undertake construction of a Terminal for Northern Railway at Pune. This partnership is a:
In the absence of specific provisions in the Partnership Deed, every partner is bound to contribute in ________ to the losses of the firm:
According to the Indian Partnership Act, 1932 a partnership is valid where:
Where no provision is made by contract between the partners for duration of partnership or determination of their partnership, the partnership is called:
Which of the following is not valid partnership:
To constitute a partnership agreement, it:
A and B purchased a second hand car, get it renovated for selling and shared the proceeds equally. They are:
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