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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

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 Correct Answer Both (A) and (B)

Related Questions

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:
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:
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?
The assets of the Partnership firm, including any sums contributed by the partners to makeup deficiencies of capital at the time of dissolution, shall be applied in the following manner and order: (A) In paying each partner rateably what is due to him for advances as distinguished from capital. (B) In paying to each partner rateably what is due to him on account of capital. (C) In paying the debts of the firm to third parties (D) Dividing among the partners in the proportion in which they were entitled to share profits. Choose the correct answer from the options given below:
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?
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?
In the company, there are two types of partner i.e working and sleeping partners. The commission paid by the company to their each working partner is 10 % of the total profit. There are two working partners who are paid Rs. 20000 each. The remaining profit is shared equally among the four partners. Find the amount paid to each sleeping partner in the business.
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.
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
A and B were two partners in a firm sharing profits in 3 ∶ 2. In the year 2015, the profit of the firm was Rs. 10000 which has been duly distributed among A and B. Later on they decided that C, their manager will also be treated as partner in the firm from beginning of year 2015 and will be entitled to 1/6 of the share in the firm. They decided to transfer 10% of the profits to general reserve. Redistribute the profits and find the amount of profit to be provided or taken back from B in new ratio.