The remuneration of an auditor of a partnership firm is fixed by

Consider the following statements about the Comptroller and Auditor General of India. 1. The office of the Comptroller and Auditor General in the Constitution of India is substantially modeled upon that of the Auditor-General of India Act, 1935. 2. The Comptroller and Auditor General may be removed only on an address from both Houses of Parliament on the grounds of 'proved misbehavior' or 'incapacity'. 3. The term of office of the Comptroller and Auditor General shall be five years from the date on which he assumes office. Which of the statements given above is/are correct?

A

1 only

B

1, 2 and 3

C

2 and 3 only

D

1 and 2 only

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

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

A', 'B' and 'C' are partners in a partnership firm named A, B & C. 'A' retires from the firm without giving any public notice. Thereafter, an existing creditor lends Rs. ten lakh to the firm on the basis of his knowledge that 'A', 'B' and 'C' are the three partners in the firm. This amount remains unpaid by the firm. The creditor wants to recover the unpaid loan amount from the firm.

A

No one will be liable for the unpaid loan amount

B

A', 'B' and 'C' will be liable for the unpaid loan amount

C

Only 'B' and 'C' will be liable for the unpaid loan amount

D

Only 'A' will be liable for the unpaid loan amount

Which of the following statements are true relating to payment of equal pay for equal work both for men and women?
1. ILO adopted equal remuneration Convention No. 100 in 1951.
2. India ratified ILO's Equal Remuneration Convention No. 100 in the year 1956.
3. Provisions relating to equal pay for equal work for both men and women are provided under Article 42 of the Indian Constitution.
4. The Equal Remuneration Ordinance was promulgated on 26^th September, 1975.

A

Both 1 and 4 are correct

B

Both 2 and 3 are correct

C

1, 3 and 4 are correct

D

1, 2 and 4 are correct

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

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

Which among the following are NOT qualified to be appointed as auditor of a company? a) An individual who is a Chartered Accountant and holds a Certificate of Practice as per CA Act, 1949 b) A limited liability partnership firm, which has all partners as Chartered Accountants c) Officer or employee of a company who is qualified Chartered Accountant degree holder too d) Any Chartered Accountant whose appointment will result in the person being the auditor of more than 10 companies Choose the most appropriate option:

A

a) and b)

B

b), c) and d)

C

c) and d)

D

a), b) and d)

A partnership firm situated in Delhi institutes a suit for recovery of price of goods sold, supplied and delivered by the said firm to the defendant. The firm is not registered under the Partnership Act.

A

The suit is not maintainable and the plaint will be rejected

B

The suit will be admitted but summons of the suit will not be issued to the defendant till the firm is got registered

C

The suit is maintainable and will be admitted subject to the plaintiff firm paying costs as may be determined by the Court to the defendant

D

The suit will be admitted, summons thereof ordered to be issued and will be dismissed after trial only if the defendant in the written statement takes such an objection and an issue is framed thereon

The changes in the constitution of the firm or dissolution of the firm, where the firm is a registered firm, under section 63 of the Indian Partnership Act, 1932, has to be notified to the Registrar by

A

All the partners

B

The majority of partners

C

Any of the partners

D

An outsider/creditor of the firm

The remuneration of an auditor of a partnership firm is fixed by

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