Online Quiz in General Nature of Partnership in Mercantile Laws for the preparation of professional exams of ca cpt, ca foundation, cs foundation, cma foundation
General Nature of Partnership - Test 8
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Subject :- Mercantile law No.of Quiz questions :- 30
Chapter :- General Nature of Partnership – Test 8
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A minor admitted to the benefits of the Partnership, cannot file a suit for his share of profits or property of the Firm, except when the
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Question 2 of 30
2. Question
1 points
For admitting a minor into the benefits of the Partnership, which of the following is required ?
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Question 3 of 30
3. Question
1 points
Section ___ of the Partnership Act, 1932 deals with “Minor admitted to the benefits of Partnership” .
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Question 4 of 30
4. Question
1 points
Within _____ period on his attaining majority or obtaining knowledge that he has been admitted to the benefits of the Partnership, whichever is later, a minor may given public notice of his decision to continue or withdraw from the Firm.
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Question 5 of 30
5. Question
1 points
Which of the following statement is false; when the minor elects not to become a Partner ?
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Question 6 of 30
6. Question
1 points
X and Y agree to work together as carpenters but X shall receive all profit and shall pay wages to Y. The relation between X and Y is _______
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Question 7 of 30
7. Question
1 points
A minor who has been admitted to the benefits of partnership has no right so long he enjoys the benefits of partnership as minor to
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Question 8 of 30
8. Question
1 points
Which of the following is not an essential element of partnership ?
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Question 9 of 30
9. Question
1 points
A person who conducts business of the partnership firm for himself but is not liable for
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Question 10 of 30
10. Question
1 points
Who are the persons, who are not called partners, though they get share out of the profits of the firm
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Question 11 of 30
11. Question
1 points
A partnership set up to carry some illegal business will be
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Question 12 of 30
12. Question
1 points
A partner by holding out
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Question 13 of 30
13. Question
1 points
A minor admitted to the benefits of the partnership may
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Question 14 of 30
14. Question
1 points
A minor admitted to the benefits of partnership cannot
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Question 15 of 30
15. Question
1 points
Which of the following is not an essential feature of partnership ?
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Question 16 of 30
16. Question
1 points
Can a company become a partner in the partnership firm ?
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Question 17 of 30
17. Question
1 points
The position of a minor in a partnership firm is to be determined taking into account
The Indian contract Act, 1872
The Indian Partnership Act, 1932
Minor’s Agreement
The Majority Act, 1875
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Question 18 of 30
18. Question
1 points
A partnership for which no duration is fixed is known as
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Question 19 of 30
19. Question
1 points
A partnership firm for completing a particular venture is called
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Question 20 of 30
20. Question
1 points
Which of the following is not an essential characteristic of partnership
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Question 21 of 30
21. Question
1 points
The receipt by a person of a share in the profits of a business or of a payment contingent upon the earning of profits or varying with the profits earned by the business, automatically makes such person, a Partners with the persons carrying on such business.
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Question 22 of 30
22. Question
1 points
X, Y and Z took over the running proprietary concern of Mr.Amit and continued in partnership. Under the business takeover agreement, Mr. Amit was to be paid 10% share of the profits, for a period of 5 years from the date of takeover, Here
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Question 23 of 30
23. Question
1 points
Where no provision is made by contract between the partners for the duration of their partnership, this sort of partnership is called
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Question 24 of 30
24. Question
1 points
A Partnership at will may be dissolved
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Question 25 of 30
25. Question
1 points
A particular partnership may become Partnership at will
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Question 26 of 30
26. Question
1 points
Every partner has the right to
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Question 27 of 30
27. Question
1 points
X was a partner of ABC & Co., Partnership Firm. X died and the continuing partners agreed to pay Mrs. X an amount of 10% on the profits of the Firm, after X’s death, as annuity. Here
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Question 28 of 30
28. Question
1 points
X is employed by ABC & Co., a Partnership Firm. X is entitled to remuneration of Rs.50,000 p.m. plus 12% on the profits of the firm, if profits exceed Rs.12 Lakhs. Here
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Question 29 of 30
29. Question
1 points
A partnership at will is dissolved from ________
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Question 30 of 30
30. Question
1 points
Who has defined Partnership, “as the relations between the persons who have agreed to share the profits of a business carried on by all or any one of them acting for all”