Online Mock Tests in Relations of Partners in Mercantile Laws for the preparation of professional exams of ca cpt, ca foundation, cs foundation, cma foundation
Relations of Partners - Test 2
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Subject :- Mercantile law No.of Quiz questions :- 30
Chapter :- Relations of Partners – Test 2
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Every partner is bound to attend ____ to his duties in the conduct of the business :
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Question 2 of 30
2. Question
1 points
The estate of a partner who dies, is not liable u/s 45 for acts done after the date on which he ceases to be a partner. This statement is _______ .
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Question 3 of 30
3. Question
1 points
X and Y are partners in a firm dealing in garments. X placed an order in the firm’s name and on the firm’s letter head for 10 bottles of wine to be supplied at his residence :
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Question 4 of 30
4. Question
1 points
In absence of partnership deed interest on capital is charged for a fixed period of :
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Question 5 of 30
5. Question
1 points
Partner shall indemnify the Firm for any loss caused to it by his _____ in the conduct of the Firm’s business :
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Question 6 of 30
6. Question
1 points
X introudces Y to Z as a partner in his business, Y infact, was not a partner but he did not deny the statement, Z advanced a loan to X. X could not repay the loan. Z can hold Y responsible for the repayment of loan because :
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Question 7 of 30
7. Question
1 points
A partner may be expelled from the firm on the fulfillment of the condition that the expulsion power is exercised _______ .
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Question 8 of 30
8. Question
1 points
The relationship of principal and agent may arise by :
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Question 9 of 30
9. Question
1 points
For the Acts of the firm :
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Question 10 of 30
10. Question
1 points
An admission or representation made by a partner concerning the affairs of the firm is the evidence against the firm in _______ .
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Question 11 of 30
11. Question
1 points
Mini was a partner in a firm. The firm ordered goods in Mini’s life time, but delivery was not made until after Mini’s death. The supplier of the goods claims to be paid out of Mini’s estate. Advise Mini’s representatives :
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Question 12 of 30
12. Question
1 points
A third party deals with the firm without knowledge that ‘A’ (a sleeping partner) has retired from the firm, In such a case, A :
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Question 13 of 30
13. Question
1 points
Public notice is not required when :
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Question 14 of 30
14. Question
1 points
A minor admitted to the benefits of the partnership cannot file a suit for his share of profits or property of the firm, except :
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Question 15 of 30
15. Question
1 points
A, B and C are members of a banking firm. D who owes the firm Rs.1,000 pays it to A. A without informing B and C about the payment by D, misappropriates the amount. Is D discharged of his debt to the firm by the payment made to A :
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Question 16 of 30
16. Question
1 points
To bind the firm under implied authority, the act must be done in the ___ of carrying on the firm’s business :
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Question 17 of 30
17. Question
1 points
Every partner has a right to :
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Question 18 of 30
18. Question
1 points
Which of the following is not covered by the term “Property of the firm”
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Question 19 of 30
19. Question
1 points
If profit sharing ratio is not specified in the partnership deed, then the profit is shared :
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Question 20 of 30
20. Question
1 points
The partner of the firm can be expelled from the firm with the consent of :
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Question 21 of 30
21. Question
1 points
Premium paid by a partnership firm on the Joint Life Policy of partners is
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Question 22 of 30
22. Question
1 points
When are the assets and liabilities of a firm revalued :
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Question 23 of 30
23. Question
1 points
In case of emergency, all rational acts of partner will bind the firm whether they were within the implied authority of not :
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Question 24 of 30
24. Question
1 points
By transfer of a partner’s interest or share :
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Question 25 of 30
25. Question
1 points
Every partner of a partnership firm has a right to take part in the Conduct of business of the firm.
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Question 26 of 30
26. Question
1 points
A partner may be expelled from the firm on the fulfillment of the condition that power of expulsion is exercised :
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Incorrect
Question 27 of 30
27. Question
1 points
When a partner in a firm is adjudicated as insolvent as per the Indian Partnership Act, 1932, he ceases to be a partner :-
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Question 28 of 30
28. Question
1 points
An act of partner for acquiring an immovable property on behalf of the firm is within the provision of ______ authority under the Indian Partnership Act, 1932
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Question 29 of 30
29. Question
1 points
Every partner is bound to attend ______ to his duties in the conduct of the business.
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Incorrect
Question 30 of 30
30. Question
1 points
In case of ______ the continuing guarantee given to the firm or the third party in respect of the transaction of the firm, the continuing guarantee is revoked as to future transactions of the firm :