The Indian Partnership Act, 1932 – Partners Rights, Duties & Liabilities

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The Indian Partnership Act, 1932 – Partners Rights, Duties & Liabilities

The indian partnership act 1932 basics of partnership mcqs for 2022!

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  1. In which of the following, the Partnership duration is not fixed?
  2. (a) Particular Partnership
    (b) Partnership at will
    (c) Fxed term Partnership
    (d) None of these.

    Partnership at will

  3. A Minor in a Partnership is:
  4. (a) Personally liable
    (b) Having unlimited lisbility
    (c) Liable only when the firm is insolvent
    (d) None of the above

    None of the above

  5. A Partner who has not entered into a Partnership agreement and conducts or represents himself as a Partner in a Firm is called-
  6. (a) Sleeping Partner
    (b) Partner by estoppel
    (c) Working Partner
    (d) Sub-Partner.

    Partner by estoppel

  7. Holding Out partner is based on the principle of
  8. (a) Protecting public interest
    (b) Estoppel
    (c) Both a
    (d) All of the above

    Estoppel

  9. person who represents himself to be a partner but in reality he is not so, is known as a
  10. (a) Inactive partner
    (b) Partner by estoppel
    (c) Partner by default
    (d) Legal partner

    Partner by estoppel

  11. Partnership at Will means
  12. (a) No duration Period is Fixed
    (b) Dissolved at the will of the Creditors
    (c) Dissolved at the will of the Debtors
    (d) None of the above

    No duration Period is Fixed

  13. A, B, C are Partners. They promised to give 60,000 to D. If C dies, who will perform Contractr
  14. (a) A, B
    (b) A, B, and C’s Legal representatives.
    (c) A, B do not perform
    (d) None of the above.

    A, B, and C’s Legal representatives.

  15. Which of the following is not a duty of a partner?
  16. (a) To indemnify for fraud
    (b) To dissolve the firm
    (c) To share losses
    (d) To account for any profit.

    To dissolve the firm

  17. A partner without having real.interest, can give the name to the partnership?
  18. (a) Active partner
    (b) Dormant partner
    (c) Nominal partner
    (d) None of the above

    Nominal partner

  19. A Nominal partner gets
  20. (a) No share in profits
    (b) Equal share in profits
    (c) Share in profits proportionate to contribution
    (d) None of the abóve

    No share in profits

  21. A, B & C were Partners in the partnership Firm. “A paid Liabiity of the Firm without having Authority.he what the otner Fartners will do?
  22. (a) Can ratify tne tensaction
    (b) Cant ratify tne tensaction
    (c) Ignore the transaction
    (d) None of these.

    Can ratify tne tensaction

  23. Partner is bound to attend _____ to his duties in the conduct of the business.
  24. (a) Systemabcaly
    (b) Diigently
    (c) Sincerely
    (d) Effectively

    Diigently

  25. Change in nature of business can be effected only based on-
  26. (a) Unanimous consernt of all the Partners
    (b) Consent of majority Partners
    (c) Consent of the Working Partners
    (d) Consent of Sleeping Partners.

    Unanimous consernt of all the Partners

  27. In a partnership consent of all partners is needed in case of
  28. (a) Change in nature of business
    (b) Routine matterss
    (c) Purchases of immovable property
    (d) Both a & b

    Change in nature of business

  29. Where a Partner has advanced any loan to the Firm and the agreement provides for interest, but does not speciry any rate, the rate shall be-
  30. (a) 0.06
    (b) 0.08
    (c) 0.1
    (d) 0.12

    0.06

  31. Every Partner shall indemnify the Firm for any loss caused to it by his fraud in the conduct of the Firm’s business. However, the Parties may agree that some Partners need not indemnify the Firm.
  32. (a) True
    (b) Partly True
    (c) False
    (d) None of the above.

    True

  33. Robert is a Sleeping Partner in a Fim. He detecteda mistake in the accounts of the Firm. So he wants to check the complete accounts of the Firm.. But the other Partners objected it. Is the objection is valid?
  34. (a) Void, their objection is wrong
    (b) Valid, they can object.
    (c) Valid, they have the right not to give the accounts to the Sleeping Partner.
    (d) None of the above

    Void, their objection is wrong

  35. Which of the following is not covered.by the term Property of the Firm’?
  36. (a) Property and rights and interest in property originally brought into the stock of the Fim
    (b) Property acquired by or for the Firm
    (c) Goodwill of the business
    (d) Property of the Partners.

    Property of the Partners.

  37. Partnership property vests
  38. (a) In the Partner of the Firm
    (b) In the Firm
    (c) In the continuing Partners of the Firm
    (d) In the retiring Partners of the Firm.

    In the Firm

  39. To bind the Firm under Iaiplied Authority, the act must be done in the of carrying on the Firm’s business.
  40. (a) regular way
    (b) usual way
    (c) routine way
    (d) extraordinary way

    usual way

  41. Which of these acts falls outside the implied authority?
  42. (a) Purchase, on behalf of the Firm, goods dealt by the Firm or used by the Firm in its business
    (b) Sale of the goods of the Firm
    (c) Recelving payments of dobts due to the Firm and issuing recelpt for it
    (d) Withdraw any suit or proceedings filed on behaif of the Firm.

    Withdraw any suit or proceedings filed on behaif of the Firm.

  43. Which of the following is beyond the implied authority of the partner?
  44. (a) Opening Bank Account in his name on behalf of firm
    (b) Purchase immovable property for the firm
    (c) Settling disputes referring to arbitration
    (d) All of the above

    All of the above

  45. Which of these acts are witlhin the implied authority?
  46. (a) Settlement of accounts wibh third parties who deal with the Firm
    (b) Open a bank account on behalf of the Firm in the Partner’s own name
    (c) Compromise or relnquish any claim or portion of claim by the Firm
    (d) Submit to arbitration, a dispute relating to the business of the Firm.

    Settlement of accounts wibh third parties who deal with the Firm

  47. Which of the following is with in the scope of Implied Authority of a Partner in a Partnership Firm?
  48. (a) Enter into Partnership on behalf of the Firm
    (b) Admit any Liability in a suit or proceeding against the Firm.
    (c) Acquire Immovable Property on behalf of the Fim.
    (d) Purchasing and Selling g00ds, in which the Firm deals.

    Admit any Liability in a suit or proceeding against the Firm.

  49. The implied authority of any Partner may be
  50. (a) Restricted by contract between the Partners
    (b) Extended by Contract between the Partners
    (c) Either oxtended or restricted by contract between the Partners
    (d) Can be extended but not restricted by tontract between the Partners.

    Either oxtended or restricted by contract between the Partners

  51. Which of the following is covered under implied authority of a partner?
  52. (a) Submit dispute of the firm to arbitration
    (b) To acquire immovable property on behalf of firm
    (c) owing money and pledging goods of the firm as a security for the same.
    (d) Enter into partnership on behalf of firm.

    owing money and pledging goods of the firm as a security for the same.

  53. A third party is not affected by thé limitation of implied authority unless he has actual notice of it.
  54. (a) True
    (b) Partly True
    (c) False
    (d) None of the above.

    True

  55. A,B,C and D are carrying on business of mobile exports. “A was aware of the price of mobile and good knowledge in the purchasing of mobiles. A ade personal transaction in the name of the firm.
  56. (a) A will not be liable for firm
    (b) It is enough to inform about his private business
    (c) A has to account personal profits to firm
    (d) A has done fraud

    A has to account personal profits to firm

  57. Dormant partner means
  58. (a) Never takes part in business activities
    (b) Not liable for any act done by other partners
    (c) Will not share losses of the firm
    (d) Existence in partnership is invalid

    Never takes part in business activities

  59. Domant Partner is also known as
  60. (a) Sleeping Partner
    (b) Active Partner
    (c) Nominal Partner
    (d) Sub-Partne,

    Sleeping Partner

  61. A introduces B to C as a Partner in his business. B, in fact, was not a Partner but he did not deny- the statement. C advanced a loan to A. A could not repay the loan, C can hold B responsible for the repayment of loan because-
  62. (a) Bis a Sleeping Partner
    (b) B5 a Sub-Partner
    (c) Bis a Dormant Partner
    (d) Bis a Partner by Estoppel

    Bis a Partner by Estoppel

  63. A induces B to believe that he (A
  64. (a) A is liable to compernsate B
    (b) A can plead innocence saying that he is not a Partner of PQ & Co.
    (c) A can require B to give credit to him and not the Firm
    (d) Ais liable to PQ & Co.

    A is liable to compernsate B

  65. Which of the following:is not a mode of transfer of Partners Interest u/s 29?
  66. (a) Absolute Transfer
    (b) Mortgage
    (c) Creation of a charge on such interest by the Transferor
    (d) Sale.

    Absolute Transfer

  67. In case of transfer of Partners’ Interest u/s 29, the Transferee cannot inspect the books of the Firm.
  68. (a) True
    (b) Partiy True
    (c) False
    (d) None of the above.

    True

  69. Which is true statement regarding the incuding or the minor in partnership firm
  70. (a) A ming may be admitted to the benefits of partnership with the consent of all partners.
    (b) A minor may be admitted to the benefits partnership with no consent of other partners.
    (c) A minor may be admitted to the benefits of consent of his partners
    (d) A minor may be admitted to the benefis of parthership with the guarantee of his parents

    A ming may be admitted to the benefits of partnership with the consent of all partners.

  71. For the acts of the Firm
  72. (a) Minor is personaly lable.
    (b) Minor’s share is lable.
    (c) Guardian is personalty liable
    (d) There is no liability at all for or on behalf of theminor

    Minor’s share is lable.

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