Practice Test

1) 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

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

3) A partner can retire -----------

4) The reconstruction of the firm takes place in case of

5) A new partner can be admitted in the firm with the consent of

6) A partner may be retire from an existing firm

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

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

9) Retirement of a partner

10) Insolvency of all partners

11) Suit by the person against the firm

12) Partnership with no fixed duration

13) Insolvency of partners

14) Retirement of a partner

15) A dissolution of all partners in a partnership is called

16) A firm may be dissolved

17) A firm is compulsorily dissolved

18) A firm is dissolved

19) The court may dissolved a partnership

20) Dissolution of a firm may take place

21) Dissolution by agreement means

22) A partner may apply to the court for dissolution of the partnership on the following grounds

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

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

25) A firm is dissolved. Any partner may restrain other partners

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

27) A firm is dissolved. State which is correct

28) On dissolution of a firm the partners shall remain liable till

29) An event which makes the business of the firm unlawful attracts

30) Provision for compulsory dissolution by court contained in section

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

32) Death of partner

33) A partner may retire

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

35) After the death a partner the business is continued in the old firm name

36) A partner may be expelled from the firm only with the consent of

37) In case of death of a partner , the heir of the deceased partner

38) 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

39) 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

40) Which of the following do not constitute a ground for dissolution by court

41) Unless agreed otherwise ,a firm is dissolved by the death of a partner

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

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

44) Which of the following is not a mode of retirement of partner ?

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

46) Sec______deals with sale of goodwill after dissolution of the firm

47) No public notice is required on the death of a partner

48) Where all the partners excepts one die or become insolvent ,the firm is dissolved

49) Sec______of partnership act deals with personal profits earned after dissolution

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

51) 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 ?

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

53) Upon dissolution the goodwill of the firm

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

55) If all partners ,or all but one partner ,of the firm are declared insolvent

56) A partnership firm is compulsorily dissolved when

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

58) An incoming partner is liable for all the act of the firm done

59) A partner may retire with the consent of

60) For the firm's acts done after retirement, a retiring partner

61) Public notice of retirement must be given

62) Unless otherwise agreed, a retiring partner can

63) The partner who has been wrongly expelled has a right

64) In case of insolvency of a partner

65) A share in a partnership

66) A transferee of a partner's share is

67) A continuing guarantee

68) Only the consent of majority of partners is required

69) When are assets and liability revalued?

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

71) After dissolution, the firm is not bound by the acts of a partner who

72) 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

73) A retiring sleeping partner continues to be liable to the third parties

74) A public notice to the effect that a partner has become insolvent is

75) Change in relation of partners happens in case of

76) Dissolution of partnership means

77) A firm may be dissolved with the consent of

78) 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

79) When a partner has become of unsound mind, the court may

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

81) The partnership firm is dissolved

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

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

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

85) After the dissolution of a firm, the authority of a partner to bind the firm.

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

87) Firm's assets shall be applied first in the payment of

88) Any surplus left after payment of firm's debts and partners advances

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

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

91) 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

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

93) An unregistered firm can file a suit for set-off.

94) A third party cannot exercise any right against a non-registered firm.

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

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

97) A partner of unregistered firm can sue for the dissolution of a firm.