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Arrange the steps of adjustment of partner's capital on the admission of a new partner in sequence.<br>1. Calculate the adjusted capital of old partners.<br>2. Calculate the proportionate capital of a new partner.<br>3. All adjustments should be made.<br>4. Calculate the total capital of new firm.<br>Select the correct answer:
A
3, 1, 4, 2
B
3, 4, 1, 2
C
4, 3, 2, 1
D
3, 4, 2, 1
Correct Answer:
3, 1, 4, 2
Arrange the following steps of 'adjustment of old partners' capital on the basis of incoming partner's capital in a correct order.
1. Ascertain the present capital of the old partners.
2. Calculation of total capital of firm on the basis of new partner's capital.
3. Finding the surplus/deficit capital.
4. Determining the new capital of each partner.
Select the correct answer:
A
2, 4, 1, 3
B
3, 2, 1, 4
C
4, 3, 2, 1
D
1, 4, 2, 3
Arrange the following steps of adjustment of capital (reconstitution of firm) incorrect order.
1. Calculation of total capital of new firm.
2. Finding out the surplus/deficiency in each of partner's capital account.
3. Calculation of adjusted old capitals of partners.
4. Finding out the new capitals of partners.
Select the correct answer:
A
3, 4, 2, 1
B
4, 3, 2, 1
C
3, 1, 4, 2
D
3, 2, 4, 1
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
Directions :
In each of the following questions a statement is given, followed by three conclusions. Give answer :
Statement :
"We must introduce objective type tests to improve our examinations for admission to MBA." - The Chairman of the Admission Committee tells the Committee.
Assumptions :
I. The admission at present is directly through the interview.
II. The Admission Committee is desirous of improving the admission examinations.
III. The Chairman himself is an MBA.
A
Only I and III are implicit
B
Only II is implicit
C
Only I and II are implicit
D
Only I is implicit
E
None is implicit
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
Three cats are roaming in a zoo n such a way that when cat A takes 5 steps, B takes 6 steps and C takes 7 steps.But the 6 steps of A are equal to the 7 steps of B and 8 steps of C. what is the ratio of their speeds?
A
140:144:147
B
40:44:47
C
15:21:28
D
252:245:240
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
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:
A
4, 3, 2, 1
B
2, 1, 4, 3
C
3, 4, 2, 1
D
3, 1, 4, 2
Assess the truth or falsity of the following statements by picking the right option under the Indian Partnership Act, 1932.
Statement I: Consent of all existing partners is generally required for introduction of a new partner into a firm.
Statement II: A partner may retire with the consent of all other partners in the firm.
A
Only Statement 1 is true
B
Only Statement 2 is true
C
Only 1 and 2 are true
D
Both 1 and 2 are false
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