Indian Partnership Act - Study Mode

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[#336] In which of the following cases the Supreme Court held that quota is not an asset of the firm

(A) Shadilal v. Nagin Chand

(B) V. H. Patel v. H. H. Patel

(C) Addanki Narayanappa v. Bhaskara Krishnappa

(D) None of the above

Correct Answer

(A) Shadilal v. Nagin Chand

[#337] Under section 53 of the Indian Partnership Act, 1932, the duration of restraint can be

(A) For a reasonable period

(B) For a period agreed upon by the partners

(C) For a period after dissolution upto which the winding up of the firm lasts

(D) For a period fixed by the court

Correct Answer

(C) For a period after dissolution upto which the winding up of the firm lasts

[#338] The share/interest of a partner in the partnership having immovable properties is:

(A) Movable property

(B) Immovable property

(C) A right to sue

(D) All the above

Correct Answer

(A) Movable property

[#339] According to Section 30 (5), a minor can elect to become or not become a partner at any time within six months of his attaining majority or of obtaining knowledge that he had been admitted to the benefits of partnership

(A) Whichever date is surlier

(B) Whichever date is later

(C) As has been decide by other partners

(D) As per the wish of he minor

Correct Answer

(C) As has been decide by other partners

[#340] In cases, where there is an agreement to purchase the share of a partner, the value of the share of the outgoing partner or retiring partner shall be ascertained on the basis of

(A) Value of share on the date of retirement

(B) Value of share on the date of admission of the retiring partner

(C) Value on the date of commencement of the partnership business

(D) None of above

Correct Answer

(A) Value of share on the date of retirement