In which of the following cases a partnership does not exist?<br>(1) Lender of money receiving profits.<br>(2) Servants or agents receiving profits.<br>(3) Widow or child of a deceased partner receiving profits.<br>(4) Seller of goodwill receiving profits.

In which of the following cases, a partnership does not exist?
1. Lender of money receiving profits.
2. Servants or agents receiving profits.
3. Widow or child of a deceased partner receiving profits.
4. Seller of goodwill receiving profit.

A

1, 2 and 3

B

1, 2 and 4

C

2, 3 and 4

D

All of the above

Which of the following are correct regarding rights of partners?
1. A partner has the right to allow the admission of a new partner.
2. Every partner has a right to take part in the management of business.
3. Every partner has a joint ownership of partnership property.
4. Every partner has a right to share the profit not the losses with other partners.
5. Every partner has a right to inspect the books of account and have a copy of the same.
6. In case of emergency, a partner has a right to act as a man of prudence.
Select the correct answer:

A

1, 2, 3, 4

B

2, 3, 4, 6

C

3, 4, 5, 6

D

2, 3, 5, 6

The Propositions are:
(1) Where a partner of a professional business partnership borrows money in the usual and regular course of business stating that the money is to be used for partnership business but misappropriates it, the other partners shall be liable.
(2) Where money has been borrowed by a partner without authority, but has been applied to the legitimate business needs of the firm, the firm is liable.
(3) Where the act is within the scope of the implied authority of a partner, but it has been done by him, to the knowledge of the third party, not for the firm but for his own purposes, the firm is liable.
Which of the following is true in accordance with Indian Partnership Act, 1932 as to the aforesaid propositions?

A

(1) is correct, (2) and (3) are incorrect

B

(1) and (2) are correct, (3) is incorrect

C

(1), (2) and (3), all are correct

D

(2) and (3) are correct, (1) is incorrect

E

None of these

A and B are partners sharing profits in the firm in the ratio of 2 : 3. Goodwill appears in the books of firm at Rs. 10,000. C joins the firm for $$\frac{1}{5}$$ share of profits. His share of Goodwill is estimated to be Rs. 15,000. The old partner's account will be credited with Goodwill by

A

Rs. 50,000

B

Rs. 40,000

C

Rs. 75,000

D

Rs. 65,000

Which of the following is not an agreement in restraint of trade?
1. A sells the goodwill of his business with an agreement not to carry on a similar business within specified local limits, so long as the buyer carries on a similar business.
2. A sells the goodwill of his business with an agreement not to carry on a similar business within India, so long as the buyer carries on a similar business.
3. A sells the goodwill of his business with an agreement not to practice the same trade for 25 years.
4. A sells the goodwill of his business with an agreement not to engage in any business competing or liable to compete in any way with the business for the time being carried on by the buyer.

A

1, 3 and 4

B

2, 3 and 4

C

3 and 4

D

1 and 3

A, a Hindu, claiming as the heir of his uncle, sues the executors of his uncle's widow for property left by the widow, alleging that the same belonged to the estate of his uncle, and that the widow had no power to dispose it off by will. The court holds that the widow had power to do away the property under the will.

A

A will not be allowed to amend the paint by adding that even if the widow had the power to dispose of the property by her will

B

A was entitled to the residue as his uncle's heir as the same was left to charitable objects of an unspecified and general character, and could not, therefore, be legally applied to charity

C

Both A and B

D

None of these

Read the passage carefully and choose thebest answer to each question out of the four alternativesand click the button corresponding to it. To know language is to be able to speak it; even a childwho does not yet attend school can speak his or herlanguage. In order to speak a language it is important tolisten to it and to read a few pages in it everyday. A childpicks up language and learns to talk just as (s)he learnsto walk. Walking and talking comes naturally to a child asit grows. In our country, a child may grow up speakingmore than one language, if these languages are spoken inthe home and in the neighbourhood. we call thismultilingualism. A child speaks a language or languagesmuch before (s)he starts going to school. To know alanguage then is first of all to be able to speak it as easilyand naturally as a tree year old child does. Later on thechild will learn to read and write in that language. In orderto read and write in a language, one has to speak it. But itis possible to speak a language but not able to read orwrite in it. A baby does not speak until it is nine monthsold but it understands a few words at six months of age.It has been listening ever since it was born, and even alittle before that. So the first strategy in speaking alanguage is to listen. One of the activities of a child before it is even born is

A

seeing

B

listening

C

understanding

D

talking

Read the passage carefully and choose thebest answer to each question out of the four alternativesand click the button corresponding to it. To know language is to be able to speak it; even a childwho does not yet attend school can speak his or herlanguage. In order to speak a language it is important tolisten to it and to read a few pages in it everyday. A childpicks up language and learns to talk just as (s)he learnsto walk. Walking and talking comes naturally to a child asit grows. In our country, a child may grow up speakingmore than one language, if these languages are spoken inthe home and in the neighbourhood. we call thismultilingualism. A child speaks a language or languagesmuch before (s)he starts going to school. To know alanguage then is first of all to be able to speak it as easilyand naturally as a tree year old child does. Later on thechild will learn to read and write in that language. In orderto read and write in a language, one has to speak it. But itis possible to speak a language but not able to read orwrite in it. A baby does not speak until it is nine monthsold but it understands a few words at six months of age.It has been listening ever since it was born, and even alittle before that. So the first strategy in speaking alanguage is to listen. A child has been __________ ever since it was born

A

speaking

B

reading

C

walking

D

listening

A and B are partners sharing profits in the ratio of 3 : 2. Their books showed goodwill at Rs. 3,000. C is admitted with $${\frac{1}{4}^{{\text{th}}}}$$ share of profits and brings Rs. 10,000 as his capital. But, he is not able to bring in cash for his share of the goodwill of Rs. 3,000. How will you treat this?

A

Goodwill is raised by Rs. 12,000

B

C will remain as debtor for Rs. 3,000

C

C's account is debited by Rs. 3,000

D

Goodwill is raised by Rs. 9,000

X and Y are partners in the firm. Their profit sharing ratio is 2 : 3. Rs. 10,000 goodwill is appearing in the books. Z becomes new partner in the firm for $${\frac{1}{5}^{{\text{th}}}}$$ share. His share of goodwill is calculated as Rs. 15,000. Amount of goodwill credited to old partners capital account will be

A

Rs. 50,000

B

Rs. 40,000

C

Rs. 75,000

D

Rs. 65,000