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WorksheetsPartnership
Total questions: 20
Worksheet time: 7mins
Partnership is the relation which subsists between persons who have agreed to combine their property,
labour or skill in some business and to share the profits there from between them.
True
False
Partly true
None of the above
A ...........partner is one whose association with the firm is unknown to the general public.
Active
Sleeping
Secret
Nominal
It can continue as long as the partners want and is terminated when any partner gives a notice of
withdrawal from partnership to the firm.
Partnership at will
Particular partnership
Limited partnership
Unlimited partnership
It is optional for a partnership firm to get registered
True
False
Partly true
None of the above
Partnership firms in India are governed under the Partnership Act (a)
As per Rule 10 of the Companies Act, what is the number of maximum partners in a firm?
(a)
Minors can be admitted to share only (a) of the firm
Tick all the types of partners in India
Active
Dormant
Still
Sleeping
Partnership deed does not include the following
Name of the partners
Capital contributed by each partner
Method of resolving dispute
Rules for who can be admitted as a partner
Who among the following partners does not contribute capital
Active
Sleeping
Secret
Partner by Estoppel
Which are the partners who share profits and losses
Active partner
Sleeping partner
Secret partner
Partner by estoppel
Two construction firms joined together to complete building a flyover in Noida. What type of partnership have they formed?
(a)
(a) partnership in India has been granted after introduction of New Small Enterprise Policy in 1991
Tick the situations in which a partnership firm comes to an end
Retirement
Death
Lunacy
Insolvency
The existence of the limited liability partnership firm gets affected with the entry or exit of a partner
False
True
Maybe
None of the above
Liability of partners is unlimited in case of general partnership whereas it is limited in
case of Limited Liability Partnership.
True
False
None of the above
Partnership firm is not legally required to publish its accounts and submit its reports. Which merit does this imply?
Sharing of risks
Secrecy
More funds
Easy formation
Decision is taken in partnership firm
Individually
By the partner who has invested more money
By anyone
Mutually
Seema and Beena partnered together to provide food and clothing to the needy by collecting it from the neighbourhood. Can this be called a partnership firm
Yes
No
Maybe
None of the above
Minor has to give a public notice of his decision within (a) months of attaining majority
