Indian Partnership Act - Practice Test

(A) Payment of firm debt shall have priority over the payment of separate debt of the partner

(B) Payment of firm debt shall be simultaneous to payment of separate debt of the partner without any priority

(C) Payment of firm debt and the separate debts of the partner as per the agreement between the partners

(D) Payment of separate debts of the partner in priority over the firm debts

(D) Payment of separate debts of the partner in priority over the firm debts

(A) Binding on all the persons dealing with the firm, without knowledge of the restrictions

(B) Binding on all the persons dealing with the firm only if they have knowledge of the restrictions

(C) Not binding on the persons dealing with the firm at all

(D) Either (B) or (C)

(B) Binding on all the persons dealing with the firm only if they have knowledge of the restrictions

(A) Valid

(B) Voidable at the instance of the expelled partner

(C) Voidable at the instance of any copartner

(D) Legal

(B) Voidable at the instance of the expelled partner

(A) Of the firm for business purposes

(B) Of the co-partners in individual or personal capacity

(C) Of the firm for purposes outside the business

(D) Of all (A), (B) and (C)

(A) Of the firm for business purposes

(A) Entitled as such to his remuneration and costs out of the assets in his hand, although as a partner, he is in debt and unable to pay

(B) Entitled as such to his remuneration and costs out of the assets in his hand only if as a partner is not in debt

(C) Not entitled to any remuneration and costs

(D) Not entitled to any remuneration but only costs

(A) Entitled as such to his remuneration and costs out of the assets in his hand, although as a partner, he is in debt and unable to pay

Indian Partnership Act - Study Mode