CBSE Questions for Class 12 Commerce Accountancy Reconstitution Of A Partnership Firm - Admission Of A Partner Quiz 4 - MCQExams.com

Which of these rights is not affected if the firm is not registered?
  • Right third party against the firm
  • Right of the partner of firm for set off in a suit against the firm
  • Rights of the partners to sue for the dissolution of the firm
  • Powers of the official receiver to bring suit or action on behalf of the insolvent
Which of these rights are affected if a firm is not registered?
  • Suit against third parties, other partners and firms
  • Right of third party against the firm
  • Rights of the partners to sue for the dissolution of the firm
  • Powers of the official receiver to bring suit or action on behalf of the insolvent
An admission or representation made by a partner concerning the affairs of the firm is the evidence against the firm _____________.
  • In all the cases and circumstances
  • If it is made in the ordinary course of business
  • When it is in the best interest of the firm
  • When there are reasons to believe such admission
Which of this statement is true about Registration of a firm _____________________.
  • Registration of firm is Mandatory
  • Non-registration of a firm is a criminal offence
  • Registration is not mandatory but non-registered firms are subject to some disadvantages
  • Registration of firm case availability of funds
An irregularly expelled partner has __________.
  • Right to reinstatement
  • Right to get back his share of profit and property in the firm
  • Both
  • None
Which of these constitute a valid partnership.
  • A dormant partner getting share of business profit from the firm
  • Lender of money sharing in the profit of the borrowers business
  • A minor son of a deceased partner getting annuity
  • An agent of the firm getting a part of business profits
____________ cannot be admitted as a partner in a firm.
  • Miner
  • Person of unsound mind
  • Widower
  • Bachelor
Firm is deemed to be wound up on ___________.
  • Elapse of six month from the date of filing applications
  • Settlement of accounts
  • Receipt of court order
  • $$31st$$ March of the following year
XYZ are three partners. On death of X, his son A is admitted into the partnership. This is a case of __________.
  • Dissolution of firm
  • Dissolution of partnership
  • Extension of partnership
  • Reformation of partnership
___________ is/are not found in a partnership firm but found in a company.
  • limited liability
  • perpetual existence
  • legal entity
  • all the three
In order to entitle a partner to return of proportionate amount of premium on premature dissolution of the partnership which of these is/ are the condition(s) to be satisfied by him?
  • He paid the premium at the time of joining the firm
  • Partnership is for a fixed period
  • Partnership has been dissolved before the expiry of the period
  • All the three
In the case of a partnership firm public notice is not required for which of these events?
  • Death of a partner
  • Marriage of a partner
  • A partner filing nomination for assembly election
  • All the three
An insolvent partner ceases to be partner of the firm.
  • On the date on which order of adjudication is made
  • When the firm is dissolved
  • $$3$$ months after adjudication
  • On the date of public notice
What is the maximum imprisonment for furnishing wrong information to the Registrar of firms under section 70?
  • Imprisonment of 6 months
  • Imprisonment up to 2 years
  • Imprisonment up to 3 months
  • Imprisonment at least of 3 months
XYZ Associates, a partnership firm engaged in export of gems and jewellery items has been running into heavy failed to yield any results. Partners intend to dissolve the firm. Which of this course of action are advised to the firm.
  • Shut down the office and other premises of the firm immdiately
  • Put a notice of suspension of business on the notice board prominently
  • Apply to the court under section $$44$$ for dissolution of the firm
  • Dispose off the property of the firm
X and Y formed a partnership to undertake construction of a Shopping Mall in Delhi. On completion of the Shopping Mall __________.
  • The firm stands dissolved
  • Firm is reconstituted
  • Partnership is renewed
  • Firm continues
X a partner of XYZ associates has been declared be of unsound mind by a competent medical authority. Which of these options are available to other partners of the firm?
  • Expel X and continuous the business
  • Induct X's family member as a dummy partner in place of X
  • Apply to the court for dissolution of firm under section $$44$$
  • All the three
___________ is not required for creation of partnership.
  • agreement
  • existence of business
  • consideration
  • mutual trust
_______ can be described as the sum of those intangible attributes or benefits enjoyed by the enterprise which contributes to its success.
  • Research and Development
  • Goodwill
  • Deferred revenue expenditure
  • Intangible assets
__________ can be coparcener in a HUF but not a partner in a partnership firm.
  • Illiterate person
  • Newly born child
  • Female person
  • Unmarried person
A partnership firm differ from a corporate body in which of these ways ___________.
  • unlimited liability of partners
  • limit on number of partners of a firm
  • non-transferability of share
  • all the three
X is partner of XYZ Associates,despite no provision in the agreement he claims remuneration from the firm. How much remuneration he is entitiled to ______________.
  • @ Rs.15,000 PM
  • @ Rs.20,000
  • NIl
  • @ Rs.10,000
Which of these is found in a partnership firm but not in a company.
  • Partners
  • Share capital
  • Business
  • profit/loss
Which of these is/are a drawback of a partnership firm as compared to a corporate body.
  • limited capital
  • restrictions on number of patterns
  • no separate identity
  • all the three
Select the true statement. 
  • A partnership firm cannot enter into a partnership with another firm
  • Sharing of profit is the real testof partnership
  • A lender of money receiving a part of profit of the firm is a partner
  • Partnership is a creation of statute
X a partner has given some advance to the firm,the partnership agreement is silent, at what rate interest on advances given by the partners would be allowed _________________.
  • $$@ 8%$$
  • $$@ 10%$$
  • $$@ 6%$$
  • Nil
Which of these statement is correct one?
  • There can be a valid partnership between a Karta of a Joint Hindu family and a coparcener who contributed his managerial labor and skill
  • Sharing of profit is a conclusive test of partner-ship
  • A partnership firm can enter into contract with another partnershipfirm
  • Members of a Joint Hindu family are agent of each other
A partnership firm is entitled to enter into a partnership with _____________.
  • another firm
  • Hindu undivided family
  • a company
  • neither (a) nor (b) nor (c)
A partnership can be of which of these types _______________.
  • a general partnership
  • a particularpartnership
  • either (a) or (b)
  • only (a) and not (b)
A partnership firm is _______.
  • a distinct legal entity from its partners
  • not a distinct legal entity from its partners
  • a juristic person
  • none of these
Mutual agency among the partner _________________.
  • a test to determine the existence of a partnership
  • a legal incidened of partnership
  • both (a) and (b)
  • neither (a) nor (b)
Any act or omission, to be an act of a firm, within the meaning of section 2(a) of the Indian Partnership Act, 1932 must be act or omission of ___________________.
  • all the partners
  • any of the partner
  • agent of the firm
  • either (a) or (b) or (c)
Select the odd one:
  • To transfer immovable property
  • To withdraw a suit or proceeding on behalf of the firm
  • To enter partnership on behalf of the firm
  • To employ staff on behalf of the firm
Which of these statement is correct?
  • Powers of an official receiver/assignee/court are not effected by non-registration of a firm
  • Sub-partner has all the rights and duties which are available to other partners
  • Nominal partner is not required to give notice of his retirement
  • Dormant partner is required to give notice of his retirement
Where a partnership firm is constituted for a fixed period and after the expiration of that term, the firm continues to carry on business, without any new agreement, then  _______.
  • the partnership stands extended till the new agreement is made
  • the partnership becomes partnership at will
  • the partnership becomes illegal
  • the partnership stands dissolved on the date of expiry of the term and no partnership can be said to be in existence
Are partners free to decide their mutual right, duties and liabilities ___________________.
  • Yes,without any restriction
  • Not at all
  • Yes, subject to the provisions of Partnership Act
  • Yes, without restriction but with majority decision
Partnership firm is liable for the acts of the firm done ______________.
  • in firms name
  • with the concurrence of all the partners
  • with the concurrence of majority partners
  • mentioned in partnership deed only
Chotu a minor partner become a major on 15th August 2012 but claims that has no knowledge of him being admitted as a partner after attaining the age of majority.The onus of proving so is upon _______________.
  • firm
  • Chotu the minor partner itself
  • managing partner of the firm
  • none of these
Which of the following is not the property of a partnership firm _________________.
  • Stock in trade
  • Ancestral property of a partner
  • Plant & Machinery
  • All rights.liabilities originally brought into the stock of the firm
Property of a partnership firm cannot be held in the name of partnership firm because ______________________.
  • partnership firm is not a legal entity
  • it prohibited under the transfer of property Act
  • not allowed as per partnership Act
  • All the three reasons
Chotu minor partner attains age of majority on 15th August 2013 but fails to give notice of his remaining or non-remaining as a partner of the firm by 14th January 2014,what is his position after 15th January 2014 ________________.
  • he automatically becomes partner of the firm
  • can serve notice of not being a partner still within next six month
  • he still is a minor partner
  • none of thee
XYZ associates is a partnership firm created for laying Metro line Phase I, however after completing the phase I project the firm also carried out Metro work of phase II, the right, duties, and liability of the partners of XYZ associates for the additional adventure will _______________.
  • Be reworked
  • Remain same
  • Be vettled by registrar of firms
  • None of these
The property of a firm is held in the name of ________________.
  • Senior most partners
  • Joint nae of all the partners
  • Managing partner
  • Partner having general power of attorney
In the absence of any agreement to the contrary,property of the partnership firm includes ____________________.
  • All property originally brought into the stock of the firm
  • All rights and interest in any property so brought
  • Goodwill of the firm
  • All the three
Property of partnership firm is held jointly by all the partners on behalf of _________________.
  • Partnership firm
  • Senior partner
  • Managing partner
  • Founding partner
Select the correct statement.
  • If the partnership agreement has restricted implied authority of a partner, the firm is still liable to the third party pf the act done by the partner
  • Mutual rights and liabilities of the partners are governed by the agreement between the partners
  • Partnership at will can be dissolved
  • All the three
When a minor becomes partner of a firm after attaining age of majority,his share in the properties and profit of the firm _______________.
  • Remains same to which he was entitled as a minor
  • Re-determined
  • Equal to remaining partners
  • According to his capital
Goods worth Rs.2000 distributed as free sample, which A/c will be debited _________.
  • Trading A/c.
  • Profit and loss appropriation A/c.
  • Sale promotion expenses A/c.
  • Charity A/c.
The need for valuation of goodwill arises in all the following situations except
  • Admission of a partner
  • Retirement of a partner
  • Change in profit sharing ratio
  • Illness of a partner
Premium method of goodwill is generally used at the time of _____ of  a partner.
  • retirement
  • expulsion
  • death
  • admission
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Practice Class 12 Commerce Accountancy Quiz Questions and Answers