Indian Partnership Act - Practice Test

[#201] Mark the correct statement

(A) May carry on a business competing with that of the firm but subject to contract to the contrary, he may not use the firm name

(B) May carry on a business competing with that of the firm, but subject to contract to the contrary, he may not represent himself as carrying on the business of firm

(C) May carryon a business competing with that of the firm, but subject to contract to the contrary, he may not solicit the old customers who were dealing with the firm

(D) All are correct

Correct Answer

(D) All are correct

[#202] After the liabilities of the firm to creditors, on dissolution, have been satisfied, passing the remaining assets not sufficient to repay the capital in full, and one of the partner fails to pay his share on account of his insolvency, the solvent partners are

(A) Not bound to make up the share of losses of the insolvent partner

(B) Bound to make up the share of losses of the insolvent partner

(C) Bound to make up the share of losses of the insolvent partner only if directed by the court

(D) Either (A) or (C)

Correct Answer

(A) Not bound to make up the share of losses of the insolvent partner

[#203] When a minor, who was admitted to the benefits of Partnership becomes a partner upon attaining the age of majority, his personal liability commences from:

(A) The date of his first admission to benefit of partnership

(B) The date of majority, if he continues in partnership

(C) The date fixed by all the partners

(D) Only his assets or contributions to the partnership is liable

Correct Answer

(A) The date of his first admission to benefit of partnership

[#204] Which of the following sections contains the provision regarding the position of a minor the Indian Partnership Act, 1932

(A) Section 30

(B) Section 31

(C) Section 32

(D) Section 33

Correct Answer

(A) Section 30

[#205] In which of the following cases, a partner may cease to be a partner without the dissolution of the firm?

(A) Retirement

(B) Insolvency

(C) Death

(D) All of these

Correct Answer

(D) All of these

Indian Partnership Act - Study Mode

[#201] Mark the correct statement

Correct Answer

[#202] After the liabilities of the firm to creditors, on dissolution, have been satisfied, passing the remaining assets not sufficient to repay the capital in full, and one of the partner fails to pay his share on account of his insolvency, the solvent partners are

Correct Answer

[#203] When a minor, who was admitted to the benefits of Partnership becomes a partner upon attaining the age of majority, his personal liability commences from:

Correct Answer

[#204] Which of the following sections contains the provision regarding the position of a minor the Indian Partnership Act, 1932

Correct Answer

[#205] In which of the following cases, a partner may cease to be a partner without the dissolution of the firm?

Correct Answer