Practice Test

Q1) A paid a premium for entering into partnership for a fixed term. the firm is dissolved before the expiry so such term ,due to indifference of option between partners Here Show Answer

Q2) Where a partner has been become of unsound mind, a suit for dissolution may be brought by Show Answer

Q3) A partner can retire ----------- Show Answer

Q4) The reconstruction of the firm takes place in case of Show Answer

Q5) A new partner can be admitted in the firm with the consent of Show Answer

Q6) A partner may be retire from an existing firm Show Answer

Q7) A partner may be expelled from the firm on the fulfillment of the condition that the expulsion power is exercised Show Answer

Q8) On which of the following ,a partner may apply to the court for dissolution of the firm Show Answer

Q9) Retirement of a partner Show Answer

Q10) Insolvency of all partners Show Answer

Q11) Suit by the person against the firm Show Answer

Q12) Partnership with no fixed duration Show Answer

Q13) Insolvency of partners Show Answer

Q14) Retirement of a partner Show Answer

Q15) A dissolution of all partners in a partnership is called Show Answer

Q16) A firm may be dissolved Show Answer

Q17) A firm is compulsorily dissolved Show Answer

Q18) A firm is dissolved Show Answer

Q19) The court may dissolved a partnership Show Answer

Q20) Dissolution of a firm may take place Show Answer

Q21) Dissolution by agreement means Show Answer

Q22) A partner may apply to the court for dissolution of the partnership on the following grounds Show Answer

Q23) On dissolution of a firm the partners continue to be liable to third parties for any act done Show Answer

Q24) In case of joint debts due from the firm ,the property of the firm shall be applied in payment of Show Answer

Q25) A firm is dissolved. Any partner may restrain other partners Show Answer

Q26) A partner is entitled to be refunded the premium or of such part thereof as may be reasonable ,if Show Answer

Q27) A firm is dissolved. State which is correct Show Answer

Q28) On dissolution of a firm the partners shall remain liable till Show Answer

Q29) An event which makes the business of the firm unlawful attracts Show Answer

Q30) Provision for compulsory dissolution by court contained in section Show Answer

Q31) A ,V & Q are partners in a firm .A becomes insolvent .the firm is Show Answer

Q32) Death of partner Show Answer

Q33) A partner may retire Show Answer

Q34) Where a change occurs in the constitution of the firm the mutual rights & duties of the partners in the reconstruction firm Show Answer

Q35) After the death a partner the business is continued in the old firm name Show Answer

Q36) A partner may be expelled from the firm only with the consent of Show Answer

Q37) In case of death of a partner , the heir of the deceased partner Show Answer

Q38) When a partner retires,and the remaining partners carry on the business with the firm's property without any final settlement is accounts, the outgoing partner is entitled to Show Answer

Q39) Where dissolution of the firm is sought for on the ground that a partner has allowed his share to be sold in the recovery of arrears of land revenue ,the suit shall be brought by Show Answer

Q40) Which of the following do not constitute a ground for dissolution by court Show Answer

Q41) Unless agreed otherwise ,a firm is dissolved by the death of a partner Show Answer

Q42) Upon dissolution of firm, losses ,including deficiencies of capital, shall be paid first out of profit & then Show Answer

Q43) Upon dissolution of firm ,surplus left after settlement of the debts & liabilities of the firm shall be Show Answer

Q44) Which of the following is not a mode of retirement of partner ? Show Answer

Q45) In case of partnership at will, notice of intention to dissolve the firm may be served by Show Answer

Q46) Sec______deals with sale of goodwill after dissolution of the firm Show Answer

Q47) No public notice is required on the death of a partner Show Answer

Q48) Where all the partners excepts one die or become insolvent ,the firm is dissolved Show Answer

Q49) Sec______of partnership act deals with personal profits earned after dissolution Show Answer

Q50) unless agreed otherwise ,a firm is not dissolved by the adjudication of a partner as insolvent Show Answer

Q51) D ,F & A are partners of a firm ,decided to dissolve the firm with effect from 1st April .They do not give any public notice of dissolution while continuing the business .during the course of business ,they incur a liability to the third party M .which of the following is true ? Show Answer

Q52) The accounting rule in respect of loss arising due to insolvency of a partner is dealt with in Show Answer

Q53) Upon dissolution the goodwill of the firm Show Answer

Q54) The expression 'Dissolution of Firm' & 'Dissolution of partnership' have the same meaning & are used interchangeably Show Answer

Q55) If all partners ,or all but one partner ,of the firm are declared insolvent Show Answer

Q56) A partnership firm is compulsorily dissolved when Show Answer

Q57) On the insolvency of a partner the insolvent ceases to be a partner in the firm whether the firm is dissolved or not Show Answer

Q58) An incoming partner is liable for all the act of the firm done Show Answer

Q59) A partner may retire with the consent of Show Answer

Q60) For the firm's acts done after retirement, a retiring partner Show Answer

Q61) Public notice of retirement must be given Show Answer

Q62) Unless otherwise agreed, a retiring partner can Show Answer

Q63) The partner who has been wrongly expelled has a right Show Answer

Q64) In case of insolvency of a partner Show Answer

Q65) A share in a partnership Show Answer

Q66) A transferee of a partner's share is Show Answer

Q67) A continuing guarantee Show Answer

Q68) Only the consent of majority of partners is required Show Answer

Q69) When are assets and liability revalued? Show Answer

Q70) Incoming partner is ____ for the past debts of the firm done before his admission in the firm. Show Answer

Q71) After dissolution, the firm is not bound by the acts of a partner who Show Answer

Q72) A minor, who elects to become a partner of the firm on attaining the age of majority, will be liable to all the acts of the firm Show Answer

Q73) A retiring sleeping partner continues to be liable to the third parties Show Answer

Q74) A public notice to the effect that a partner has become insolvent is Show Answer

Q75) Change in relation of partners happens in case of Show Answer

Q76) Dissolution of partnership means Show Answer

Q77) A firm may be dissolved with the consent of Show Answer

Q78) When a partner is found guilty of misconduct which is likely to adversely affect the carrying on of business, the court may allow dissolution of the firm Show Answer

Q79) When a partner has become of unsound mind, the court may Show Answer

Q80) The other partners may sue for the dissolution of the firm where a partner has transferred X Show Answer

Q81) The partnership firm is dissolved Show Answer

Q82) A partner can claim return of premium paid at the time of joining the firm for a fixed term when the dissolution is Show Answer

Q83) Partners continue to be liable to third parties for the firm' s acts done after dissolution Show Answer

Q84) In case of an unregistered firm, public notice is given in the following manner Show Answer

Q85) After the dissolution of a firm, the authority of a partner to bind the firm. Show Answer

Q86) On dissolution of firm, every partner or his representative is entitled to have the ____ applied in payment of debts and liabilities of the firm. Show Answer

Q87) Firm's assets shall be applied first in the payment of Show Answer

Q88) Any surplus left after payment of firm's debts and partners advances Show Answer

Q89) If the assets of a firm are insufficient to discharge the debts and liabilities of the firm, the partners shall bear the deficiency Show Answer

Q90) Partners may agree that they shall not approach the court to seek dissolution u/s 44 Show Answer

Q91) In case joint debts due from firm and also separate debts due from the partners, the separate property of the partners shall be applied first Show Answer

Q92) No premium or part thereof shall be repaid u/s 51 if the dissolution is Show Answer

Q93) An unregistered firm can file a suit for set-off. Show Answer

Q94) A third party cannot exercise any right against a non-registered firm. Show Answer

Q95) A partner making advance of money to the firm, beyond the amount of his agreed capital is entitled to interest on such advanced money. Show Answer

Q96) An unregistered firm may institute a suit if the value of the suit does not exceed Rs. 100. Show Answer

Q97) A partner of unregistered firm can sue for the dissolution of a firm. Show Answer