Where a retiring partner has agreed with his co-partners, under which he is released from liability for outstanding debts, his liability to the creditors

When creditors continues to deal with the reconstituted firm after he is informed of the retirement of a partner and the agreement of release, the liability of the retiring partner towards the creditors

A

Comes to an end

B

Still remains

C

Partly comes to an end and partly remains

D

Either (A) or (C)

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

Five movies A, B, C, D, and E are to be released on five different days from Monday to Friday, one movie per day, by keeping the following rules in mind:- [1] Movie D cannot be released on Monday. [2] If movie A is released on Monday then movie D will be released on Friday. [3] If movie D is released on Tuesday then movie B will be released on Monday. [4 ] Movie C is released on the next day of release of movie E. If movie B was released on Tuesday, then which movie was released on Monday?

A

E

B

A.

C

D

Cannot be determined

The notification for six different posts - Clerk, PRO, Lecturer, Accountant, Watchman and Principal- are to be released on consecutive Fridays. The schedule of the releasing is to be in accordance with the following conditions: (i) Clerk post must be released a week before the Watchman post. (ii) Lecturer post must not be released immediately after the first release. (iii) PRO post must be released on the Friday following the Friday on which the Principal post is released. (iv) Accountant post must be released on the fifth Friday and should not be immediately preceded by the PRO post. (v) The Watchman post must not be released last. Which of the following notifications will be released immediately after the PRO post?

A

Watchman

B

Principal

C

Clerk

D

Lecturer

Propositions as regards the liability of the surety under the surety bond are:
1. The liability of the surety is mutually exclusive of the liability of the accused under his personal bond.
2. The liability of the surety is contingent on the liability of the accused under his personal bond the liability of the surety.
3. is limited to the amount of the surety bond.
Now which of the following is correct

A

1 and 3 are correct

B

1 and 2 are correct

C

2 and 3 are correct

D

1, 2 and 3 all are correct

When the firm is named after the retiring partner, the retiring partner has a right to

A

Set up a precisely similar business under the same name

B

Set up a precisely similar business but not under the same name

C

Set up a precisely similar business under a new name which suggests a connection with the firm he has left

D

Either (B) or (C)

Propositions are
1. A son is liable, before partition, for the debts contracted by his father before partition which are not immoral or illegal.
2. A son is liable, after partition, for the debts contracted by his father before partition which are not immoral or illegal.
3. A son is liable, after partition, for the debts contracted by his father after partition which are not immoral or illegal which of the following is true in respect of the aforesaid propositions.

A

1, 2 & 3 all are correct

B

1 is correct and 2 & 3 are not correct

C

1 & 2 are correct and 3 is not correct

D

1 & 2 are not correct and 3 is correct

From the following statements related to insolvency account mark your answer according to the answer code given:
i. List A contains particulars relating to unsecured creditors.
ii. All taxes due are considered preferential creditors.
iii. Properties held by the insolvent in the fiduciary capacity can be distributed amongst his creditors.
iv. List D contains the particulars relating to assets and properties.

A

i and ii are correct

B

i and iii are correct

C

i and iv are correct

D

ii and iv are correct

In cases, where there is an agreement to purchase the share of a partner, the value of the share of the outgoing partner or retiring partner shall be ascertained on the basis of

A

Value of share on the date of retirement

B

Value of share on the date of admission of the retiring partner

C

Value on the date of commencement of the partnership business

D

None of above

Stock Rs. 14,000; Debtors Rs. 20,000: Creditors Rs. 20,000; Credit balance of profit and loss account at the beginning of the year Rs. 18,000; administration and selling expenses Rs. 20,000; 10% dividend on equity capital Rs. 3,000.
The following ratios are also given:
Stock turnover: 5 times
Current ratio 2 : 1
Debtors collection period: 73 days
Outstanding expenses: 15% of creditors
Ratio of net profit after tax to net tangible assets is 1: 10
Rate of Income tax: 5%
Ratio of fixed assets to paid up capital is 9: 10.
The total assets of the firm are:

A

Rs. 70,000

B

Rs. 73,000

C

Rs. 75,000

D

Rs. 78,000

Where a retiring partner has agreed with his co-partners, under which he is released from liability for outstanding debts, his liability to the creditors

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