When a transferee of a partner's interest in the firm, pays off a partnership debt, without the consent of the other partners but for the benefit of the partnership firm, he is

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

Propositions are
1. Gift made during marz-ul-maut to a heir is valid without the consent of other heirs under Sunnite law
2. Gift made during marz-ul-maut to a heir is valid without the consent of other heirs under Ithna Ashari law
3. Gift made during marz-ul-maut to a heir is valid only with the consent of other heirs, under Sunnite law
4. Gift made during marz-ul-maut to a heir is valid only with the consent of other heirs under the Shia law.
Which amongst the following is correct

A

1 is true 2-3-4 are false

B

1 & 2 are true 3 & 4 are false

C

2 & 3 are true 1 & 4 are false

D

3 & 4 are true 1 & 2 are false

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 benefits are given under the Employees State Insurance Act, 1948? (a) Sickness benefit, maternity benefit. (b) Disablement benefit, dependent benefit. (c) Medical benefit for employee and his dependents. (d) Funeral benefit.

A

(a) and (c)

B

(b) and (d)

C

all (a), (b), (c) and (d)

D

(a), (b) and (c)

Given below are three quantities named 1, 2 and 3. Based on the given information, you have to determine the relationship between the three quantities. You should use the given data and knowledge of Mathematics to choose between the possible answer. Quantity 1: An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes. Quantity 2: A sum of Rs. 725 is lent at the beginning of a year at a certain rate of interest. After 8 months, a sum of Rs. 362.50 more is lent but at the rate twice the former. At the end of the year, Rs. 33.50 is earned as interest from both the loans. What was the original rate of interest? Quantity 3: The difference between the compound interest and the simple interest on an amount of 15000 for 2 years is Rs. 96. What is the rate of interest per annum?

A

If Quantity 1 is maximum

B

If Quantity 2 is maximum

C

If Quantity 3 is maximum

D

If Quantity 1 = Quantity 2 = Quantity 3 or relation can’t be established

E

If any two quantities are same and greater than the third quantity

The cash flow approach to assessing debt capacity involves the following steps; arrange these steps in a correct sequence: (A) Specify the tolerance limit on the probability of default. (B) Estimate the probability distribution of cash flows, taking into account the projected performance of the firm. (C) Calculate the fixed charges by way of interest payment and principal repayment associated with various levels of debt. (D) Estimate the debt capacity of the firm as the highest level of debt which is acceptable. Choose the correct answer from the options given below:

A

(D), (C), (A), (B)

B

(A), (B), (C), (D)

C

(B), (C), (D), (A)

D

(D), (A), (C), (B)

Assess the truth or falsity of the following statements by picking the right option under the Indian Partnership Act, 1932.
Statement I: Consent of all existing partners is generally required for introduction of a new partner into a firm.
Statement II: A partner may retire with the consent of all other partners in the firm.

A

Only Statement 1 is true

B

Only Statement 2 is true

C

Only 1 and 2 are true

D

Both 1 and 2 are false

Priya and khushi invested Rs.3000 together. Priya invested her amount at compound interest for ‘x/10’ years at x% rate interest and khushi invested half of her amount at compound interest and remaining half at simple interest at the same rate of interest for the same time period. [It is given that ‘x/10’ is a natural number] What is the value of ‘x’? Statement I: Ratio of investment of priya and khushi is 1 : 2 respectively and total sum received by them together after a particular time at x% rate of interest is Rs. 4280. Statement II: Simple interest received by khushi is Rs. 40 less than compound interest received by her. Statement III: Sum of simple interest and compound interest received by khushi after a certain time at x% rate of interest is Rs. 2500 Which of the above statement is redundant to find the answer of the given question?

A

Only statement I alone

B

Only Statement II alone

C

Only Statement III alone

D

Only either statement I and II together or statement II and III together.

E

None of These

A married male can adopt:
(1) Only with his wife's consent
(2) Only with his wife's consent, when she is living with him
(3) If he has more than one wife, consent of all the wives is necessary
(4) If marriage is void, the wife's consent is not necessary
(5) In the case of voidable marriage, the Wife's consent is necessary

A

(1), (3), (4) and (5)

B

(2), (3), (4) and (5)

C

(1), (4), and (5)

D

(2), (3), and (4)

Consider the following statements and identify the answer:
Statement I: X in the house with a child which is on fire. Knowing that the fall may kill the child, but not intending to kill him and in good faith in the child's benefit, X drops the child from the housetop to a blanket which was held out by. Some people below. Unfortunately the child died as a result of the fall. X has committed no offence.
Statement II: Nothing is an offence which is done in good faith for the benefit of a person without his consent or consent of lawful guardian, if minor or person of unsound mind

A

Both the Statement are individually true and Statement II is the correct explanation of Statement I

B

Both the Statement are individually true but Statement II is not the correct explanation of Statement I

C

Statement I is true but Statement II is false

D

Statement I is false but Statement II is true

When a transferee of a partner's interest in the firm, pays off a partnership debt, without the consent of the other partners but for the benefit of the partnership firm, he is

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