Indian Partnership Act - Practice Test

[#111] The principles governing partners' mutual relations have been laid down in

(A) Chapter II of the Indian Partnership Act

(B) Chapter III of the Indian Partnership Act

(C) Chapter IV of the Indian Partnership Act

(D) Chapter V of the Indian Partnership Act

Correct Answer

(B) Chapter III of the Indian Partnership Act

[#112] Where the partnership business is carried on by the other partners after the outgoing of a partner, without a final settlement of accounts, under section 37 of the Act, the outgoing partner is entitled to a share of profits

(A) In equal share with other partners

(B) Proportionate to the share of assets

(C) Higher than what he was getting when he was a partner

(D) As decided by the partners

Correct Answer

(B) Proportionate to the share of assets

[#113] The option to stay or to leave the partnership, by a minor on attaining majority under section 30(5) of the Act, can be exercised

(A) By giving a notice to all the adult partners

(B) By giving a public notice of it

(C) By giving notice to the guardian

(D) Either (A) or (B) or (C)

Correct Answer

(B) By giving a public notice of it

[#114] A partnership firm not registered with the Registrar of Firms under the Indian Partnership Act, 1932 can:

(A) File a suit to enforce contractual rights with a third person

(B) File a suit based on common law rights

(C) File a suit for recovery of money under an agreement under Order XXX of the Code of Civil Procedure, 1908

(D) File all types of civil suit which have merit

Correct Answer

(B) File a suit based on common law rights

[#115] In which of the following cases, a partnership exist:

(A) Several persons jointly purchase goods for resale with a view to divide the profits arising from the transaction

(B) Persons (co-owners) who join in the purchase of goods for the purpose of dividing the goods themselves

(C) A, B and C agreed that each should furnish Rs. 3000 worth of goods to be shipped on a joint venture, the profits to be divided between them according to the amount of their several shipments

(D) Two tenants in common of a house let it and divide the rent equally

Correct Answer

(A) Several persons jointly purchase goods for resale with a view to divide the profits arising from the transaction

Indian Partnership Act - Study Mode

[#111] The principles governing partners' mutual relations have been laid down in

Correct Answer

[#112] Where the partnership business is carried on by the other partners after the outgoing of a partner, without a final settlement of accounts, under section 37 of the Act, the outgoing partner is entitled to a share of profits

Correct Answer

[#113] The option to stay or to leave the partnership, by a minor on attaining majority under section 30(5) of the Act, can be exercised

Correct Answer

[#114] A partnership firm not registered with the Registrar of Firms under the Indian Partnership Act, 1932 can:

Correct Answer

[#115] In which of the following cases, a partnership exist:

Correct Answer