Types of partnerships - class-XI
| Description: types of partnerships | |
| Number of Questions: 86 | |
| Created by: Niharika Sharma | |
| Tags: steps involved in establishing business hindu undivided family and partnership forms of business organisations business organisation and correspondence forms and formation of business enterprises business studies commercial studies commerce partnership 1 - meaning, definition, characteristics and kinds partnership concept of business organization of commerce and management elements of business forms of business organisation |
Date of compulsory dissolution for Partnership firm is the ________.
Reconstitute of firm takes place expect in case of _________.
When firm is compulsory dissolved?
After dissolution, the authority to bind the Firm, other mutual rights and liabilities of Partners continue, in so far as may be necessary _____________.
The Mode of Dissolution of Firm, under Indian Partnership Act, 1932 is______.
The compulsory dissolution of a firm will arise in case of __________.
On the dissolution of a Firm, every Partner or his representative is entitled to have the __________ applied in payment of the debts and liabilities of the Firm.
On which of the following grounds all or any one of the Partner can apply to the court for Dissolution?
For Dissolution of a Firm, Partners may apply to the Court on the ground of_______.
Upon dissolution of Firm, the Surplus left after settlement of the debts and liabilities of the Firm shall be ______________.
In which of the following cases, the firm is not dissolved by the order of the court?
On which of the following grounds, court may dissolve a firm at the suit of a partner?
In case of a notice of dissolution in a Partnership at Will, where no date has been mentioned in the notice, the Firm is dissolved from ________.
Upon dissolution of Firm, any sum contributed by Partners to make up deficiencies of Capital u/s 48, is considered as ___________.
Arun paid a premium for entering into Partnership for a fixed term. The Firm is dissolved before the expiry of such term, due to difference of opinion between Partners. Here _________.
A entered into partnership agreement with B, in which A makes an advance to the firm in addition of his capital to be contributed by him, after dissolution of firm _________.
A partner cannot demand his proportionate share of premium from other partners at the time of dissolution of firm __________.
After dissolution of a Firm, any Partner or his representative may restrain any other Partner or his representative from carrying on similar business in the Firm Name or by using Firm's Property for own benefit, until ___________.
After dissolution, the Firm is not bound by the acts of a Partner who __________.
The accounting rule in respect of loss arising due to insolvency of a Partner is dealt with in ________.
Where a Partner's Capital Account has a debit balance and he is unable to bring in necessary cash to make up the deficiency, it is called ________.
On a dissolution of a firm the partners selling the goodwill of a firm cannot _____________.
The Loss arising out of Partners insolvency shall be borne by_________ according to Garner vs Murray case.
Persons who have entered into partnership with one another are collectively called ____________.
Which of the following purpose is permissible in a partnership?
Any change in the relations of partners due to admission, retirement or death of partner is called _______________.
In which of the following case the dissolution of partnership takes place even when there is no dissolution of the firm?
N & Z are partners in a firm dealing in stationery. N placed order in the firm's name and on the firm's letter pad for $10$ bags of wheat to be supplied at his residence _______________.
In which of the following case the dissolution of partnership takes place even when there is no dissolution of the firm?
Who can give Public Notice of retirement of partner?
Where the continuing partners carry on the business of the firm, the outgoing partner whose claim is not settled.
X. is entitled to share of profits since date of cessation as partner.
Y. is not entitled to claim anything other than unsettled amount
Z. is entitled to $6\%$ interest p.a. on the unsettled amount.
Select the correct answer from the options given.
A, B, C are partners on death of B, A and C continue the firm's business. This is a case of ________.
A firm is compulsory dissolved if ___________.
If all partners, or all but one partner, of the firm are declared insolvent ___________.
In which of the following case, the Court may, at the suit of a partner, dissolve a firm?
A firm may be dissolve where ___________ that it shall be dissolved.
Identify which of the following statement is true and which is false.
(I) The Court may dissolve a firm if a partner conducts himself in such a way that if is not reasonably practicable for the other partners to carry on business in partnership with him.
(II) If the firm has been continuously suffering losses and it is apparent that in future also the business cannot be carried on except at a loss, the Court cannot order dissolution of the firm
Select the correct answer from the options given.
The Court may dissolve a firm if a partner _________ commits breach of agreements relating to management of the affairs of the firm or the conduct of the firm's business.
In which of the following case, the Court may, at the suit of a partner. dissolve a firm?
In which of the following case, the Court may, at the suit of a partner, dissolve a firm?
Upon dissolution, the firm's assets shall be first applied in paying the debts of the firm to third parties, shall thereafter be applied in payment of partners loan, shall then be applied in payment of partners capital and still surplus remains it should used for _________.
In which of the following situations the firm will NOT be compulsorily dissolved?
__________ rule is applicable at the time of any partner becoming insolvent.
Upon dissolution, the firm's assets shall be first applied in paying the debts of the firm to third parties, shall thereafter he applied in __________.
Firm is automatically and compulsory dissolve, if _________.
Which of the following is prepared only at the time of dissolution of the firm?
In settling the accounts of a firm after dissolution, losses, including deficiencies of capital, shall be paid _________________.
Which of the following is/are disabilities of unregistered firm?
In which of the following case there is no bar on the right of unregistered firm or any partner of its partner?
In which of the following case Garner Vs Murray rule is NOT applicable?
$1$. Only one partner is solvent.
$2$. All partners are insolvent.
$3$. When partnership deed provides a specific method to be followed in case of insolvency of a partner
Select the correct answer from the options given.
In order for a firm to successfully carry out price discrimination which of the following conditions must hold?
I. The fine should not face a downward sloping demand curve
II. The firm must have a market power
III. Buyers with differing demand must be separable.
IV. The firm must have motives beyond profit maximization.
V. The firm must able to prevent the re-sale of its product.
A partnership may be dissolved __________________.
Which of the advantages of LLP states that one partner is not responsible or liable for another partners misconduct or negligence.
Identify the disadvantage of LLP.
The concept of _____ restricts the amount of money a person risks to what he invests in a business enterprise.
An LLP has partners unlike a company which has shareholders.
The best way to explain limited liability is this :- 'you risk what you put in'.
The partnership may come to an end due to the _________.
Whenever a new partner is added to the firm the firm is _______.
Partnership at will can be dissolved by any partner by ________.
Change in the partnership firm mean ___________________.
Good will of the business of a partnership firm is the property of _________.
A partner may apply to the court for dissolution of the firm on _____________.
Which of the following are the rights of a partner in a partnership firm?
X. To take part in the conduct and management of the business.
Y. To receive remuneration for active working in the firm.
Z. To receive interest on the capital invested in the firm W. To receive share in the profit.
Which of the following is/are the correct options?
In which of the following cases a partnership firm is re-constituted?
S a partner in AB and Sons has transferred his interest in the firm to D. Is the transfer correct?
The court may not dissolve the firm in case of ____________.
Which of the following cases, a partnership firm may be dissolved?
X. On the death of a partner
Y. On the insolvency of a partner
Z. On the retirement of a partner
Correct option is __________.
Whoever a new partner is added to the firm the firm is ____________.
Where a partner cannot be clear his debts on dissolution, the other partners must clear these debts in the following manner ___________________.
Which one of the following is NOT an effective way to terminate an offer?
LLP shall have atleast ___ Partners
N and Z, the co-owners of a house, use the house as a hotel managed either by themselves or by a duly appointed manager for their common profit. Is there a partnership relation between the parties?
Upon dissolution, which is the proper order for application of the Firm's assets?
I. Payment of Debts & Liabilities of the Firm
II. Payment of Partner's Loan
III. Payment of Partner's Capital
IV. Distribution of Surplus to Partners in their Profit Sharing Ratio.
Where the partnership is at will, the firm may be dissolved by __________ giving notice in writing to all the other partners of his intention to dissolve the firm.
Where the partnership is at will, the firm is dissolved as from ______________________-.
A partner can transfer his interest so as to substitute the transferee in his place as the partner, without the consent of all the other partners; a member of company cannot transfer his share to any one he likes.
To whom the property of the firm belongs?
Identify which sentence is correct and which is incorrect.
A. A sub-partner can bind the firm or other partners by his acts.
B. Sub-partner has rights or duties towards the firm and does carry liability for the dents of the firm.
C. Minor partner is entitled to his agreed share
D. Minor can inspect books of account of the firm.
Select the correct answer from the options given.
Which of the following statement is incorrect as to a minor's position in a partnership firm?
Upon dissolution, the firm's assets shall be first applied in paying the debts of the firm to third parties, shall thereafter be applied in payment of partners loan, shall be applied in ___________.
After dissolution of firm, any partner or his representative may restrain any other partner or his representative from carrying of similar business in the Firm Name or by using Firm's property for own benefit until _______________.
Nitin, a partner of a firm dealing in computers gives an order for win worth Rs. $10,000$ in firm's name. Discuss the liability?
If at the time of admission partner pays premium then on dissolution, he is entitled to demand the return of a proportion of the premium if the partnership was for a fixed term and was dissolved before the expiry of that term, unless dissolution was caused by ___________________.
Which of the following are grounds for compulsory dissolution of the firm by court?
Which of the following are the conditions needed to prove an act of a partner is an act of a partnership firm?