Indian Partnership Act - Study Mode
[#316] The loan(s) advanced to the business by a partner, in the event of settlement of accounts under section 48 of the Indian Partnership Act, 1932, rank
Correct Answer
(A) Above the claim of the partners on capital account
[#317] For an act to be covered within the implied authority of the partner, it is necessary that
Correct Answer
(C) Both (A) and (B)
[#318] The historic case laying down the test for determining the existence of partnership is
Correct Answer
(D) Cox v. Hickman
[#319] What is due to the transferee of a partner's interest in the firm, under the interest which he has acquired will be ascertained as it is
Correct Answer
(B) At the time when the transferor ceases to be a partner
[#320] Match List I with List II and select the correct answer using the given below: List I (Duties of partners) List II (Relevant section under the Indian Partnership Act) a. Duty of absolute good faith 1. Section 16(b) b. Duty not to compete 2. Section 12(b) and 13(f) c. Duty of due diligence 3. Section 10 d. Duty to indemnify for fraud 4. Section 9
Correct Answer
(B) a-4, b-1, c-2, d-3