Arrange the following in correct sequence in the event of dissolution of a partnership firm. 1. Residue, if any, divided among the partners. 2. Paying to each partner for his capital. 3. Paying the debts of third party. 4. Paying to each partner for advances made by him. Select the correct answer:

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 following are the two statements relating to the theory of probability. Indicate the statements being correct or incorrect.
Statement I The probability of the joint occurrence of independent events A and B is equal to the probability of event A multiplied by the probability of event B or vice-versa.
Statement II The probability of the joint occurrence of independent event A and dependent event B is equal to the probability of event A multiplied by the conditionalprobability of event B when event A has occurredor vice-versa.

A

Both statements are correct

B

Both statements are incorrect

C

Statement I is correct while Statement II is incorrect

D

Statement I is incorrect while Statement II is correct

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

Consider the following for the dissolution of trade unions under the Trade Union Act, 1926. Which of the following statement(s) is/are correct?
1. When a registered Trade Union is dissolved, notice of the dissolution is signed by nine members and by the Secretary of the Trade Union.
2. The notice of dissolution must be sent within ten days to the Registrar.
3. Where the dissolution of a registered Trade Union has been registered and the rules of the Trade Union donot provide forthe distribution of funds of the Trade Union on dissolution, the registrar shall divide the funds amongst the members in such manner as may be prescribed.

A

Only 2

B

Only 3

C

Both 1 and 3

D

All of the above

Choose the odd one out. The court has the option to order dissolution of a firm, where
1. a partner is of sound mind.
2. a partner do not suffer from permanent in capacity.
3. a partner is not guilty of misconduct of the business.
4. a partner transfers his interest or share to a third party.
Select the correct answer:

A

Both 1 and 2

B

Only 3

C

Both 2 and 3

D

Only 4

Upon dissolution, which is the proper order for application of the firm's assets?
1. Payment of partner's loan.
2. In paying, the debts of the firm to third partiy.
3. Distribution of surplus to partners in profit sharing ratio.
4. Payment of partners capital.
Select the correct answer:

A

1, 4, 3 and 2

B

2, 1, 4 and 3

C

2, 1, 3 and 4

D

1, 2, 3 and 4

Propositions are
1. A son is liable, before partition, for the debts contracted by his father before partition which are not immoral or illegal.
2. A son is liable, after partition, for the debts contracted by his father before partition which are not immoral or illegal.
3. A son is liable, after partition, for the debts contracted by his father after partition which are not immoral or illegal which of the following is true in respect of the aforesaid propositions.

A

1, 2 & 3 all are correct

B

1 is correct and 2 & 3 are not correct

C

1 & 2 are correct and 3 is not correct

D

1 & 2 are not correct and 3 is correct

Arrange the following in correct sequence in the event of dissolution of a partnership firm.
1. If surplus, it is distributed among the partners.
2. The assets of the firm are realised.
3. Amount realised is applied towards repayment of liabilities to outsiders and loan taken from partners.
4. Capital contributed by partners is repaid.
Select the correct answer:

A

4, 3, 2, 1

B

2, 4, 1, 3

C

2, 3, 4, 1

D

2, 1, 4, 3

Which of the following phrases (i),(ii), and (iii) given below each sentenceshould replace the phrase printed in boldletters to make the sentence grammaticallycorrect? Choose the best option among thefive given alternatives that reflect the correctuse of phrase in the context of thegrammatically correct sentence. If thesentence is correct as it is, mark (E) i.e., "Nocorrection required" as the answer
"I need you to give me a ballparks worth
of figures of how much this event is
going to cost us in the next two months."
i. give me a ballpark figure of how much this
event is going to cost
ii. give me the biggest ballpark of your figure,
how much this event is going to cost
iii. give me a ballpark figure of how much this
event is coming to cost

A

A. Only i

B

B. Only ii

C

C. Only iii

D

D. ii and iii

Which of the following are the consequences in case of insolvency of partner?
1. The partner adjudicated as insolvent ceases to be a partner.
2. He ceases on the date on which the order of adjudication is made.
3. The firm is dissolved on the date of the order.
4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication.
5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication.
Select the correct answer:

A

Only 5

B

Both 4 and 5

C

3, 4 and 5

D

1, 2 and 3