Partnership Basic - theory part

A partnership firm has four partners. How many additional partners can be admitted into the business as per the provisions of the Companies Act, 2013?

• 50

• 46

• 100

• 96

A, B and C are in partnership business. A used Rs. 2,00,000 belonging to the firm without the information to other partners and made a profit of Rs. 35,000 by using this amount. Which decision should be taken by the firm to rectify this situation?

• A need to return only Rs. 2,00,000 to the firm.

• A is required to return Rs. 35,000 to the firm

• A is required to pay back Rs. 35,000 only equally to B and C.

• A need to return Rs. 2,35,000 to the firm

Which of the following statement is true?

• a minor cannot be admitted as a partner

• a minor can be admitted as a partner, only into the benefits of the partnership

• a minor can be admitted as a partner but his rights and liabilities are same of adult partner

• none of the above

Assertion (A): Partners are principals but not the agents of other partners.

Reason (R): As per the definition of partnership, business can be carried on by all or any of them acting for all. Thus, they are the principals and also the agents

• Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation of Assertion

• Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

• Assertion (A) is correct but the Reason (R) is not correct

• Assertion (A) is incorrect but Reason (R) is correct.

The Partnership deed should be properly drafted and prepared as per the provisions of the _________ and preferably registered with the Registrar of firms.

• 1. Contract act

• 1. Stamp act

• 1. Partnership act

• both contract and partnership act

Assertion(A) : Batman, a partner in a firm with four partners has advanced a loan of Rs. 50,000 to the firm for last six months of the financial year without any agreement. He claims an interest on loan of Rs. 3,000 despite the firm being in loss of the year.
Reason(R) : In the absence of any agreement/provision in the partnership deed, provisions of Indian Partnership Act, 1932 would apply.

• Both A and R are correct, and R is the correct explanation of A

• Both A and R are correct, but R is not the correct explanation of A.

• A is correct but R is incorrect

• A is incorrect but R is correct.

Alpha and Beta are partners but they do not have any partnership agreement. How will they solve the dispute regarding profit sharing?

• will be shared equally

• will be shared in capital sharing ratio

• will be shared on the basis of effect capital employed

• will have to go to the court for settlement

what do your understand by charge against profit?

• to be given only when there is profit

• to be given only in case of losses

• to be given irrespective of profits and losses

• none of these

following are essential elements of a partnership firm except

• atleast 2 persons

• there is an agreement between all the partners

• equal share of profits and losses

• partnership agreement is for some business

forming a partnership deed is

• Mandatory

• mandatory in writing

• not mandatory

• none of these