MCQ on Fundamental of Partnership in English , MCQs on Fundamental of Partnership in English
MCQs on Fundamental of Partnership
MCQ on Fundamental of Partnership in English Pdf
Part-2 From Question No. 21 To 40
21. Interest on capital will be paid to the partners if provided for in the partnership deed but only out of
a. Reserve
b. Accumulated Profit
c. Goodwill
d. Profit
22. Is a partnership firm examined as an individual a legal entity?
a. Partly
b. Yes
c. No
23. in case of partnership the act of any partner is
a. Binding on all partners
b. binding on that partner only
c. Binding on all partners except that particular partner
d. None of the above
24. Current accounts are opened if capital is
(a) fixed.
(b) fluctuating
(c) not contributed.
(d) fixed or fluctuating
25. If partnership deed mention that interest will be given 6% p.a. interest will be given
(a) out of profits only
(b)definitely
26.When there is no partnership deed then provisions of partnership actapplicable.
(a) 1956
(b) 1912
(c) 1932
(d) 1949
27.A partnership firm is
(a) a distinct legal entity from its partners
(b) not a distinct legal entity from its partners
(c) a juristic person
(d) either (a) or (c).
28. Section 8 of the Indian Partnership Act, 1932 provides for
(a) a particular partnership
(b) a general partnership
(c) a partnership at will
(d) all the above.
29. A partnership can be
(a) a general partnership
(b) a particular partnership
(c) either (a) or (b)
(d) only (a) and not (b).
30. Change in the capital A/c of partners may occur due to
a) Profit earned
b) Loss incurred
c) Capital Introduced
d)All of theabove
31. Amount spent to increasing the earning capacity is a
a) Capital
b) Revenue.
c) Deferred revenue
d) Capital Loss
32. Under section 4 of the Indian Partnership Act, partnership is a
(a) compulsory legal relation
(b) creation of the choice and voluntarily agreement between the concerned parties
(c) a relation arising from status
(d) either (a) or (b) or (c).
33. Which of the following enactments insist for a written agreement of partnership
(a) the Indian Partnership Act, 1932
(b) the Indian Contract Act, 1872
(c) the Indian Registration Act, 1908
(d) neither (a) nor (b) nor (c).
34. Provisions of Table are applicable in the absence of partnership deed.
(a) A
(b) B
(c) C
(d) D
35. Liability of a partner in LLP is
(a) limited
(b) unlimited
(c) not defined in the law
(d) limited to the capital only
36. Fixed assets are held by business for
a) Converting into cash.
b) Generating revenue
c) Resale
d) None of the above
37. A partnership cannot be constituted by
(a) two individuals
(b) two Hindu joint families
(c) both (a) and (b)
(d) neither (a) or (b).
38. For the purposes of income-tax, a partnership firm
(a) can be assessed as an entity distinct and separate from its partners
(b) cannot be assessed as an entity separate and distinct from its partners
(c) can be assessed as an entity distinct and separate from its partners only with
the court of permission
(d) can be assessed as an entity distinct and separate from its partners only if all the partners agree for the same.
39. A contract, performance of which becomes impossible or unlawful becomes
(a) void when the performance becomes unlawful or impossible
(b) void
(c) voidable when the performance becomes impossible.
(d) neither becomes void not voidable
40. In case partners have guaranteed profit to a partner and deficiency of profit. The deficiency happens it is borne by
(a) All the partners in new profit sharing ratio
(b) Remaining partners in the ratio in which they have given guarantee
(c) All the partners in sacrificing ratio.
(d) All the partners in old profit sharing ratio
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