Under which of the following categories, a partner of partnership firm will be assessed? 1. An individuals 2. HUF 3. Firm 4. Body of an individual

The Propositions are:
(1) Where a partner of a professional business partnership borrows money in the usual and regular course of business stating that the money is to be used for partnership business but misappropriates it, the other partners shall be liable.
(2) Where money has been borrowed by a partner without authority, but has been applied to the legitimate business needs of the firm, the firm is liable.
(3) Where the act is within the scope of the implied authority of a partner, but it has been done by him, to the knowledge of the third party, not for the firm but for his own purposes, the firm is liable.
Which of the following is true in accordance with Indian Partnership Act, 1932 as to the aforesaid propositions?

A

(1) is correct, (2) and (3) are incorrect

B

(1) and (2) are correct, (3) is incorrect

C

(1), (2) and (3), all are correct

D

(2) and (3) are correct, (1) is incorrect

E

None of these

Which of the following are correct regarding rights of partners?
1. A partner has the right to allow the admission of a new partner.
2. Every partner has a right to take part in the management of business.
3. Every partner has a joint ownership of partnership property.
4. Every partner has a right to share the profit not the losses with other partners.
5. Every partner has a right to inspect the books of account and have a copy of the same.
6. In case of emergency, a partner has a right to act as a man of prudence.
Select the correct answer:

A

1, 2, 3, 4

B

2, 3, 4, 6

C

3, 4, 5, 6

D

2, 3, 5, 6

Which of the following are the consequences in case of insolvency of partner?
1. The partner adjudicated as insolvent ceases to be a partner.
2. He ceases on the date on which the order of adjudication is made.
3. The firm is dissolved on the date of the order.
4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication.
5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication.
Select the correct answer:

A

Only 5

B

Both 4 and 5

C

3, 4 and 5

D

1, 2 and 3

Under which of the following categories, a partner of partnership firm will be assessed?

A

An individual

B

HUF

C

Firm

D

Body of an Individual

A suit of a partnership firm to enforce any type of rights of the partnership firm is not maintainable unless the partnership firm is registered under Section 69 of the Partnership Act before the filing of the suit.

A

An unregistered firm cannot sue for any rights, be they contractual or statutory, unless the partnership firm is first registered

B

Partnership firm can sue for enforcement of its statutory rights even if the partnership firm is not registered

C

A partnership firm can sue for enforcement of its rights provided in the same suit both statutory and contractual rights are claimed together and not only contractual rights

D

Even if a suit is filed for enforcement of a contractual right by an unregistered firm, but such a suit can continue if the partnership firm is got registered during pendency of the suit

Is the statement of law correct: "Implied authority of a partner in a partnership firm exists to selling of all properties of the partnership firm for the purpose of carrying on the business of the partnership firm"?

A

Yes, since a partner is an agent of all other partners, his action to sell any property of the firm for the purposes of running of the business of a firm, is valid and results in transfer of ownership of the property which is transferred

B

No, a partner has no implied authority to transfer any immovable property of the firm under the implied authority doctrine principle as contained in Section 19 (2)(g) of the Indian Partnership Act

C

Yes, under implied authority principle a partner can transfer an immovable property if the disposal of the immovable property of the partnership firm is only by that partner who has put the sole effort to acquire the immovable property of the partnership firm which is transferred/disposed of

D

Though a partner has no implied authority to transfer an immovable property of the partnership firm for the purpose of doing of the business, but such implied authority is granted to a managing partner under Section 22 of the Partnership Act

Which of the following is/are the correct strategy/s for assessing students answers to questions asked by a teacher. A. Answers should be assessed as right and wrong and marked quantitatively B. Student's ideas in answers should be assessed qualitatively C. Students experiences should be assessed qualitatively. Choose the correct option.

A

A and B

B

A and C

C

B and C

D

A, B and C

In a certain community, property is assessed at 60% of its appraised value and taxed annually at the rate of Tk. 4.00 per Tk. 100 of assessed value. If a taxpayer is assessed Tk. 240 per quarter in property taxes, what is the appraised value of the property?

A

TK.6000

B

TK.22,500

C

TK.24000

D

TK.40,000

E

TK.60,000

When a transferring partner ceases to be a partner in the firm or where the firm comes, to be dissolved, the transferee of the partner's interest in the firm is entitled to

A

Receive the share of the assets to which the selling partner was entitled

B

An account from the date of dissolution

C

Both (A) and (B)

D

Only (A) and not (B)

A, B and C are partners in a firm. C retires and X admitted as a new partner. The firm did not give a public notice on the change but continued its business in its old firm name. Z, a customer of the firm, deals with the firm after the change and the firm becomes indebted to him:

A

Z can sue A, B, C and X

B

Z can sue A, B and C

C

Z can sue either A, B and C, or A, B and X

D

Z can sue A and B only

Under which of the following categories, a partner of partnership firm will be assessed? 1. An individuals 2. HUF 3. Firm 4. Body of an individual

Related Questions