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Indian Partnership Act, 1932 MCQs SET-2
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1. Section 36 of the Indian Partnership Act, 1932 deals with:
a. Rights of outgoing partner to carry on competing business
b. Settlement of accounts
c. Dissolution by court
d. Registration of firm
2. An outgoing partner may:
a. Not carry on competing business
b. Carry on competing business and advertise it
c. Only work in same firm
d. Carry on business only with consent of partners
3. An outgoing partner may not, subject to contract to the contrary:
a. Carry on similar business
b. Use the firm name
c. Advertise his business
d. Invest in other firms
4. An outgoing partner is restricted from:
a. Competing in the market
b. Representing himself as carrying on business of the firm
c. Entering into new contracts
d. Investing capital
5. An agreement restraining an outgoing partner from carrying on similar business is valid if:
a. Approved by court
b. Restrictions are reasonable
c. Registered with Registrar
d. Made after dissolution only
6. Section 37 of the Indian Partnership Act, 1932 deals with:
a. Settlement of accounts
b. Right of outgoing partner to share subsequent profits
c. Dissolution of firm
d. Admission of partners
7. Where business is continued without settlement of accounts, the outgoing partner is entitled to:
a. No claim
b. Share of profits attributable to use of his share or interest at 6% per annum
c. Only capital
d. Only goodwill
8. The outgoing partner may opt between:
a. Profit share or interest at 6% per annum
b. Capital or goodwill
c. Salary or commission
d. Profit or capital contribution
9. Where the option to purchase the outgoing partner’s interest is duly exercised:
a. He still gets profit share
b. He is not entitled to further share of profits
c. Court approval is required
d. Registrar approval is required
10. If terms of purchase are not complied with, the partner is:
a. Discharged from liability
b. Liable to account under Section 37
c. Entitled to dissolve firm
d. Entitled to compensation only
11. Section 38 of the Indian Partnership Act, 1932 deals with:
a. Revocation of continuing guarantee
b. Dissolution of firm
c. Expulsion of partner
d. Registration of firm
12. A continuing guarantee to a firm is revoked as to future transactions:
a. On dissolution only
b. On change in constitution of the firm
c. On notice to Registrar
d. On expiry of partnership term
13. Such revocation applies:
a. Only by court order
b. In absence of agreement to the contrary
c. Only for registered firms
d. Only when partner retires
14. Section 39 of the Indian Partnership Act, 1932 deals with:
a. Dissolution by agreement
b. Dissolution of a firm
c. Compulsory dissolution
d. Dissolution by Court
15. The dissolution of partnership between all the partners of a firm is called:
a. Retirement of partners
b. Dissolution of the firm
c. Reconstitution of firm
d. Winding up of business
16. Section 40 of the Indian Partnership Act, 1932 deals with:
a. Dissolution by agreement
b. Dissolution by notice
c. Dissolution by Court
d. Compulsory dissolution
17. A firm may be dissolved with:
a. Consent of majority partners
b. Consent of all the partners
c. Approval of Registrar
d. Order of Court
18. A firm may also be dissolved:
a. Only by Court decree
b. Only by expiry of term
c. In accordance with a contract between the partners
d. Only by insolvency of partners
19. Section 41 of the Indian Partnership Act, 1932 deals with:
a. Dissolution by notice
b. Dissolution by the Court
c. Compulsory dissolution
d. Dissolution by agreement
20. A firm is compulsorily dissolved by the adjudication of:
a. Any one partner as insolvent
b. All partners or all partners but one as insolvent
c. The managing partner as insolvent
d. Majority of partners as insolvent
21. A firm is compulsorily dissolved when:
a. A partner retires
b. The business becomes unlawful to carry on
c. A partner gives notice
d. Partners disagree on management
22. Where a firm carries on several separate adventures and one becomes unlawful:
a. The entire firm is dissolved automatically
b. The firm is dissolved only if partners agree
c. The illegality does not itself dissolve the firm in respect of lawful adventures
d. The firm must cease all activities
23. Section 42 of the Indian Partnership Act, 1932 deals with:
a. Dissolution by agreement
b. Dissolution on happening of certain contingencies
c. Dissolution by Court
d. Dissolution by notice
24. Subject to contract between the partners, a firm constituted for a fixed term is dissolved:
a. By notice of a partner
b. By expiry of the term
c. By decision of majority partners
d. By order of the Registrar
25. A firm constituted to carry out particular adventures is dissolved:
a. When partners agree
b. By completion of such adventures or undertakings
c. By retirement of a partner
d. By notice of any partner
26. Subject to contract between partners, a firm is dissolved by:
a. Admission of a new partner
b. Death of a partner
c. Transfer of interest by a partner
d. Appointment of a manager
27. A firm may be dissolved by:
a. Insolvency of a partner
b. Retirement of a partner
c. Majority decision
d. Withdrawal of capital
28. Section 43 of the Indian Partnership Act, 1932 deals with:
a. Dissolution by Court
b. Dissolution by notice in partnership at will
c. Dissolution by agreement
d. Compulsory dissolution
29. In a partnership at will, the firm may be dissolved by:
a. Decision of majority partners
b. Notice in writing by any partner to all the other partners
c. Order of the Registrar
d. Court decree
30. Where a notice of dissolution specifies a date:
a. The firm dissolves immediately
b. The firm dissolves on that specified date
c. The notice becomes invalid
d. Dissolution requires court confirmation
31. If no date of dissolution is mentioned in the notice:
a. Dissolution occurs on the date of communication of notice
b. Dissolution occurs after 30 days
c. Dissolution occurs after court approval
d. Dissolution occurs after registration
32. Section 44 of the Indian Partnership Act, 1932 deals with:
a. Dissolution by agreement
b. Dissolution by Court
c. Compulsory dissolution
d. Dissolution by notice
33. The Court may dissolve a firm if a partner becomes:
a. Insolvent
b. Of unsound mind
c. Unemployed
d. Retired
34. A suit for dissolution on the ground of unsoundness of mind may be brought by:
a. Only the Registrar
b. Any partner or the next friend of the partner of unsound mind
c. Only creditors of the firm
d. Only the managing partner
35. The Court may dissolve a firm where a partner becomes permanently incapable of:
a. Investing capital
b. Performing his duties as a partner
c. Attending meetings
d. Managing accounts
36. A firm may be dissolved by the Court where a partner is guilty of conduct likely to:
a. Increase profits
b. Prejudicially affect the carrying on of the business
c. Reduce capital contribution
d. Delay accounting procedures
37. Persistent breach of partnership agreements relating to management of the firm by a partner may lead to:
a. Expulsion only
b. Dissolution by Court
c. Suspension of the partner
d. Appointment of an arbitrator
38. The Court may dissolve a firm where a partner transfers the whole of his interest in the firm to:
a. Another partner
b. A third party
c. A creditor
d. The Registrar
39. A firm may be dissolved by the Court when:
a. Its business cannot be carried on except at a loss
b. Partners disagree
c. Profits decrease
d. A partner retires
40. The Court may dissolve a firm on any ground which renders it:
a. Financially unstable
b. Just and equitable to dissolve the firm
c. Difficult to manage
d. Inconvenient for partners
41. Section 45 of the Indian Partnership Act, 1932 deals with:
a. Liability for acts of partners after dissolution
b. Dissolution by Court
c. Compulsory dissolution
d. Registration of firms
42. After dissolution, partners continue to be liable to third parties for acts done by them until:
a. The firm’s assets are distributed
b. Public notice of dissolution is given
c. The Registrar records the dissolution
d. Court confirms the dissolution
43. The estate of a partner who dies is not liable for acts of the firm done after:
a. Dissolution of the firm
b. His death
c. Expiry of partnership term
d. Retirement of another partner
44. The estate of a partner adjudicated insolvent is not liable for acts of the firm done after:
a. Dissolution of the firm
b. His adjudication as insolvent
c. Notice by partners
d. Settlement of accounts
45. Public notice of dissolution may be given by:
a. Only the Registrar of Firms
b. Any partner
c. Only the managing partner
d. Only the court
46. Section 46 of the Indian Partnership Act, 1932 deals with:
a. Dissolution by Court
b. Right of partners to have business wound up after dissolution
c. Settlement of accounts between partners
d. Return of premium
47. After dissolution of a firm, every partner or his representative is entitled to have the property of the firm applied in:
a. Distribution of profits first
b. Payment of debts and liabilities of the firm
c. Payment of partners’ salaries
d. Distribution of goodwill
48. After payment of debts and liabilities of the firm, the surplus shall be distributed:
a. Equally among partners
b. Among the partners or their representatives according to their rights
c. Among creditors
d. Among managing partners only
49. Section 47 of the Indian Partnership Act, 1932 deals with:
a. Authority of partners after dissolution
b. Settlement of accounts
c. Return of premium
d. Registration of firms
50. After dissolution, the authority of each partner to bind the firm continues:
a. For all purposes indefinitely
b. Only so far as necessary to wind up the affairs of the firm and complete unfinished transactions
c. Until the Registrar records dissolution
d. Only if all partners agree
51. A firm is not bound by the acts of a partner who has:
a. Retired
b. Been adjudicated insolvent
c. Been absent from business
d. Become inactive
52. The proviso relating to insolvency of a partner does not affect the liability of a person who:
a. Withdraws from the firm
b. Represents himself or knowingly permits himself to be represented as a partner of the insolvent
c. Transfers his share
d. Refuses to wind up the firm
53. Section 48 of the Indian Partnership Act, 1932 deals with:
a. Settlement of accounts after dissolution
b. Authority of partners after dissolution
c. Payment of separate debts
d. Premium repayment
54. In settling accounts after dissolution, losses including deficiencies of capital are to be paid first out of:
a. Capital
b. Profits
c. Partners’ private property
d. Goodwill
55. If profits are insufficient to cover losses, the next source for payment is:
a. Capital
b. Personal property of partners
c. Advances from creditors
d. Goodwill
56. If losses remain after exhausting profits and capital, they shall be paid:
a. From firm goodwill
b. By partners individually in the proportions in which they share profits
c. By creditors
d. By the managing partner
57. The assets of the firm shall be applied first in payment of:
a. Capital of partners
b. Debts of the firm to third parties
c. Advances made by partners
d. Distribution among partners
58. After paying debts to third parties, assets are applied next in payment of:
a. Partners’ capital
b. Advances made by partners to the firm
c. Goodwill value
d. Salaries of partners
59. After payment of advances, the next application of assets is payment of:
a. Capital due to partners
b. Profits due to partners
c. Interest on loans
d. Goodwill compensation
60. The residue remaining after all payments shall be divided among partners in proportion to:
a. Capital contribution
b. Profit-sharing ratio
c. Seniority
d. Duration of partnership
61. Section 49 of the Indian Partnership Act, 1932 deals with:
a. Payment of firm debts and separate debts
b. Settlement of accounts
c. Dissolution by Court
d. Return of premium
62. Where there are joint debts of the firm and separate debts of a partner, the property of the firm shall first be applied in payment of:
a. Separate debts of partners
b. Debts of the firm
c. Capital of partners
d. Advances made by partners
63. If any surplus remains after payment of firm debts, the share of each partner shall be applied in payment of:
a. His separate debts
b. Capital deficiency
c. Debts of third parties
d. Advances made to firm
64. The separate property of a partner shall first be applied in payment of:
a. Firm debts
b. His separate debts
c. Capital contribution
d. Firm liabilities jointly
65. Section 50 of the Indian Partnership Act, 1932 deals with:
a. Personal profits earned after dissolution
b. Payment of firm debts
c. Settlement of accounts
d. Premium return
66. After dissolution due to death of a partner, the provisions of Section 16(a) apply to:
a. Surviving partners or representatives conducting transactions before winding up
b. All partners equally
c. Creditors of the firm
d. Retired partners only
67. Where a partner or his representative has purchased the goodwill of the firm:
a. He cannot use the firm name
b. He may use the firm name
c. He must obtain court permission
d. The firm name must be dissolved permanently
68. Section 51 of the Indian Partnership Act, 1932 deals with:
a. Return of premium on premature dissolution
b. Dissolution by Court
c. Settlement of accounts
d. Authority after dissolution
69. Where a partner has paid a premium for entering into partnership for a fixed term and the firm dissolves prematurely:
a. He is entitled to repayment of the premium or a reasonable part thereof
b. The premium is forfeited
c. The premium is transferred to goodwill
d. The premium is divided among partners
70. Repayment of premium depends upon:
a. Capital contribution
b. Terms upon which he became a partner and the length of time he was a partner
c. Registrar’s approval
d. Court order only
71. A partner is not entitled to return of premium if the dissolution is mainly due to:
a. Death of another partner
b. His own misconduct
c. Expiry of the partnership term
d. Court order
72. A partner is also not entitled to return of premium where dissolution occurs pursuant to:
a. A court decree
b. An agreement containing no provision for return of the premium
c. Expiry of partnership term
d. Insolvency of partner
73. Section 52 of the Indian Partnership Act, 1932 deals with:
a. Rescission of partnership contract for fraud or misrepresentation
b. Sale of goodwill after dissolution
c. Settlement of accounts between partners
d. Restraint of trade agreements
74. Where a partnership contract is rescinded on the ground of fraud or misrepresentation, the party entitled to rescind has:
a. No remedy against the firm
b. Only a right to damages
c. Certain rights against the firm and the guilty partner
d. Only a right to withdraw capital
75. A partner rescinding a partnership contract for fraud has a lien on the surplus of the firm assets:
a. Before payment of firm debts
b. After the debts of the firm have been paid
c. Only if approved by the court
d. Only if other partners consent
76. The lien under Section 52 may be exercised for recovery of:
a. Only profits due
b. Amount paid for purchase of share and capital contributed
c. Only goodwill value
d. Only personal expenses
77. A partner rescinding the contract ranks as a creditor of the firm in respect of:
a. Capital contribution only
b. Payments made towards the debts of the firm
c. Profit share
d. Salary due from the firm
78. A partner rescinding the contract is entitled to be indemnified against firm debts by:
a. All partners collectively
b. The partner or partners guilty of fraud or misrepresentation
c. The Registrar of Firms
d. The creditors of the firm
79. Section 53 of the Indian Partnership Act, 1932 deals with:
a. Right to restrain use of firm name or firm property after dissolution
b. Sale of goodwill
c. Settlement of accounts
d. Dissolution by court
80. After dissolution of a firm, a partner may restrain another partner from using the firm name:
a. At any time indefinitely
b. Until the affairs of the firm are completely wound up
c. Only for six months
d. Only if court orders
81. After dissolution, a partner may restrain another partner from:
a. Carrying on a similar business in the firm name
b. Conducting any business at all
c. Advertising business
d. Opening a new firm
82. The restriction on using the firm name does not apply where:
a. The firm has dissolved by court order
b. The goodwill of the firm has been purchased by a partner
c. The firm had more than two partners
d. The firm was unregistered
83. Section 54 of the Indian Partnership Act, 1932 deals with:
a. Agreements in restraint of trade after dissolution
b. Sale of goodwill
c. Settlement of accounts
d. Registration of firms
84. Partners may agree not to carry on similar business after dissolution:
a. Only if court approves
b. Within specified time or local limits
c. For unlimited duration
d. Only if the firm was registered
85. Such agreements restraining trade are valid if:
a. They are approved by the Registrar
b. The restrictions imposed are reasonable
c. The firm had more than two partners
d. They are made before dissolution
86. Section 55 of the Indian Partnership Act, 1932 deals with:
a. Sale of goodwill after dissolution
b. Settlement of accounts
c. Dissolution by notice
d. Rights of transferee of interest
87. In settling accounts after dissolution, goodwill shall be:
a. Excluded from assets
b. Included as part of the assets of the firm
c. Divided equally among partners
d. Given only to managing partner
88. Goodwill of a firm after dissolution may be sold:
a. Only along with firm property
b. Only separately
c. Either separately or along with other property of the firm
d. Only by court order
89. After sale of goodwill, a partner may carry on a competing business:
a. Only with permission of the buyer
b. Provided he does not violate agreed restrictions
c. Only after court approval
d. Only after five years
90. After sale of goodwill, a partner may not:
a. Carry on similar business
b. Advertise his business
c. Use the firm name
d. Compete with the buyer
91. After sale of goodwill, a partner may not:
a. Represent himself as carrying on the business of the firm
b. Advertise his business
c. Start another partnership
d. Enter into new contracts
92. After sale of goodwill, a partner may not:
a. Compete in the market
b. Solicit the custom of persons who were dealing with the firm before dissolution
c. Start a new firm
d. Invest in similar business
93. A partner may agree with the buyer of goodwill that he will not carry on similar business:
a. For unlimited duration
b. Within specified period or specified local limits
c. Only after five years
d. Only within India
94. Section 56 of the Indian Partnership Act, 1932 deals with:
a. Registration of firms
b. Power of State Government to exempt from application of the Chapter
c. Appointment of Registrars
d. Filing of statements for registration
95. The authority empowered to exempt the application of this Chapter of the Act is:
a. Central Government
b. Registrar of Firms
c. State Government
d. High Court
96. The exemption under Section 56 may be made through:
a. Court order
b. Official Gazette notification
c. Executive circular
d. Parliamentary resolution
97. The State Government may exempt the provisions of this Chapter:
a. Only for the entire State
b. Only for Union Territories
c. For the whole State or any part specified in the notification
d. Only for metropolitan cities
98. Section 57 of the Indian Partnership Act, 1932 deals with:
a. Appointment of Registrars of Firms
b. Registration of firms
c. Filing of partnership statements
d. Dissolution of partnership
99. Registrars of Firms are appointed by:
a. Central Government
b. State Government
c. High Court
d. District Magistrate
100. The State Government may define the areas within which the Registrar shall:
a. Conduct business operations
b. Exercise powers and perform duties
c. Register companies
d. Conduct audits
101. A Registrar appointed under Section 57 is deemed to be:
a. A judicial officer
b. A government contractor
c. A public servant under Section 21 of the Indian Penal Code
d. An executive officer under the Companies Act
102. Section 58 of the Indian Partnership Act, 1932 deals with:
a. Application for registration of a firm
b. Appointment of Registrar
c. Dissolution of firm
d. Settlement of accounts
103. Registration of a firm may be effected:
a. Only at the time of formation
b. At any time
c. Within one year of formation
d. Only before commencement of business
104. The application for registration shall be sent to the Registrar of the area where:
a. The partners reside
b. The firm’s principal place of business is situated or proposed to be situated
c. The firm has maximum turnover
d. The firm intends to expand business
105. The application for registration must be submitted in:
a. Written affidavit
b. Prescribed form accompanied by the prescribed fee
c. Court petition
d. Notarized agreement
106. The registration statement must contain:
a. Only the firm name
b. Only the names of partners
c. Details such as firm name, place of business, partners and duration of the firm
d. Only financial statements
107. The statement for registration must be signed by:
a. Majority of partners
b. Any one partner
c. All partners or their specially authorised agents
d. Registrar of Firms
108. Every person signing the statement must:
a. File a court affidavit
b. Verify the statement in the prescribed manner
c. Submit identity proof
d. Sign before a magistrate
109. A firm name shall not contain words such as:
a. Business, Trade, Company
b. Crown, Emperor, Queen, Royal
c. Commerce, Trade, Industry
d. Enterprise, Services, Group
110. Words implying Government sanction or patronage may be used in a firm name only if:
a. The Registrar permits it
b. The Central Government permits it
c. The State Government gives consent in writing
d. All partners agree
111. Section 59 of the Indian Partnership Act, 1932 deals with:
a. Registration of firms
b. Application for registration
c. Appointment of Registrars
d. Dissolution of firm
112. When the Registrar is satisfied that the requirements of Section 58 are complied with, he shall:
a. Issue a licence to the firm
b. Record the statement in the Register of Firms and file the statement
c. Forward the application to the Court
d. Publish the registration in the Gazette
113. Section 60 of the Indian Partnership Act, 1932 deals with:
a. Recording alterations in firm name or principal place of business
b. Dissolution of a firm
c. Inspection of Register of Firms
d. Rectification of mistakes
114. When an alteration occurs in the firm name or principal place of business of a registered firm:
a. It must be reported to the Court
b. A statement specifying the alteration may be sent to the Registrar
c. The firm must be dissolved
d. The Registrar automatically records it
115. The statement regarding alteration in firm name or principal place of business must be:
a. Signed by majority partners
b. Signed and verified in the manner required under Section 58
c. Approved by the Court
d. Verified by the Registrar himself
116. When satisfied that Section 60(1) has been complied with, the Registrar shall:
a. Cancel the registration of the firm
b. Amend the entry relating to the firm in the Register of Firms
c. Refer the matter to the Court
d. Publish the alteration in the Gazette
117. Section 61 of the Indian Partnership Act, 1932 deals with:
a. Opening of new firms
b. Noting of closing and opening of branches
c. Dissolution of firms
d. Registration of firms
118. When a registered firm begins or discontinues business at a place other than its principal place:
a. The firm must be dissolved
b. Intimation may be sent to the Registrar
c. Court permission is required
d. The Registrar automatically records it
119. Such intimation may be sent by:
a. Only the managing partner
b. Any partner or agent of the firm
c. The Registrar himself
d. Any creditor of the firm
120. Section 62 of the Indian Partnership Act, 1932 deals with:
a. Change of firm name
b. Noting of changes in names and addresses of partners
c. Dissolution of firm
d. Opening of branches
121. When a partner in a registered firm alters his name or permanent address:
a. The firm must be dissolved
b. Intimation may be sent to the Registrar by any partner or agent
c. Court approval is required
d. The Registrar must initiate the change himself
122. The Registrar deals with such intimation under Section 62 in the manner provided in:
a. Section 58
b. Section 59
c. Section 60
d. Section 61
123. Section 63 of the Indian Partnership Act, 1932 deals with:
a. Rectification of mistakes
b. Recording changes in constitution and dissolution of a firm
c. Registration of firms
d. Inspection of Register
124. When a change occurs in the constitution of a registered firm, notice may be given to the Registrar by:
a. Only the managing partner
b. Any incoming, continuing, or outgoing partner
c. Only the Registrar himself
d. Only creditors of the firm
125. When a registered firm is dissolved, notice may be given by:
a. Any person who was a partner immediately before dissolution
b. The Registrar alone
c. Only the Court
d. Only the creditors
126. A minor admitted to the benefits of partnership who attains majority may give notice to the Registrar:
a. Only through court order
b. That he has elected to become or not become a partner
c. Only after dissolution of the firm
d. Only through other partners
127. Section 64 of the Indian Partnership Act, 1932 deals with:
a. Amendment of Register by Court
b. Rectification of mistakes in the Register of Firms
c. Dissolution of firms
d. Inspection of Register
128. The Registrar may rectify any mistake in the Register of Firms:
a. Only on court order
b. At all times to bring entries into conformity with documents filed
c. Only on application of creditors
d. Only once in a year
129. On application by all parties who signed a document relating to a firm, the Registrar may:
a. Cancel the document
b. Rectify mistakes in the document or the entry relating to it
c. Dissolve the firm
d. Transfer the firm registration
130. Section 65 of the Indian Partnership Act, 1932 deals with:
a. Amendment of Register by order of Court
b. Registration of firms
c. Rectification of mistakes by Registrar
d. Inspection of Register
131. A Court deciding a matter relating to a registered firm may direct the Registrar to:
a. Cancel the firm registration
b. Amend the entry in the Register of Firms
c. Dissolve the firm
d. Transfer the firm to another jurisdiction
132. Section 66 of the Indian Partnership Act, 1932 deals with:
a. Grant of certified copies
b. Inspection of Register of Firms and filed documents
c. Amendment of Register
d. Registration of firms
133. The Register of Firms shall be open to inspection by:
a. Only partners of the firm
b. Any person on payment of prescribed fee
c. Only government officers
d. Only creditors of the firm
134. Statements, notices and intimations filed under this Chapter shall be open to inspection:
a. Only by the Registrar
b. Subject to prescribed conditions and payment of prescribed fee
c. Only by the partners
d. Only with court permission
135. Section 67 of the Indian Partnership Act, 1932 deals with:
a. Inspection of Register
b. Grant of certified copies by Registrar
c. Amendment of Register
d. Registration of firms
136. The Registrar shall furnish certified copies of entries in the Register of Firms:
a. Only to partners of the firm
b. Only to courts
c. To any person upon application and payment of prescribed fee
d. Only to government authorities
137. Section 68 of the Indian Partnership Act, 1932 deals with:
a. Rules of evidence relating to the Register of Firms
b. Inspection of Register of Firms
c. Rectification of mistakes
d. Registration of firms
138. Any statement, notice or intimation recorded in the Register of Firms shall be conclusive proof of the facts stated therein:
a. Against any person who signed it or on whose behalf it was signed
b. Against all partners of the firm
c. Against the Registrar only
d. Against third parties only
139. A certified copy of an entry in the Register of Firms may be produced as proof of:
a. Only the names of partners
b. Registration of the firm and contents of recorded statements
c. Only dissolution of firm
d. Only capital contribution
140. Section 69 of the Indian Partnership Act, 1932 deals with:
a. Penalty for false particulars
b. Effect of non-registration of firms
c. Inspection of Register
d. Rules of evidence
141. A suit to enforce a contractual right by a partner against the firm cannot be instituted unless:
a. The firm is registered and the partner suing is shown in the Register of Firms
b. The firm has existed for one year
c. The partners agree
d. The Registrar permits it
142. A firm cannot institute a suit against a third party to enforce a contractual right unless:
a. The firm is registered and the persons suing are shown as partners in the Register of Firms
b. The partners are citizens of India
c. The firm has paid taxes
d. The Court grants permission
143. The provisions of Section 69 also apply to:
a. Criminal proceedings
b. Claims of set-off or other proceedings to enforce contractual rights
c. Arbitration only
d. Insolvency proceedings
144. Section 69 does not affect the right to sue:
a. For dissolution of a firm or accounts of a dissolved firm
b. For breach of partnership contract
c. For enforcement of goodwill
d. For recovery of capital contribution
145. Section 69 does not apply to suits where the value of claim of set-off does not exceed:
a. ₹50
b. ₹100
c. ₹500
d. ₹1000
146. Section 70 of the Indian Partnership Act, 1932 deals with:
a. Rectification of mistakes
b. Penalty for furnishing false particulars
c. Rules of evidence
d. Registration of firms
147. A person signing a statement containing particulars known to be false is punishable with:
a. Imprisonment up to three months, or fine, or both
b. Imprisonment up to one year only
c. Fine only
d. Cancellation of registration only
148. Section 71 of the Indian Partnership Act, 1932 deals with:
a. Appointment of Registrar
b. Power of State Government to make rules
c. Inspection of Register
d. Dissolution of firm
149. Rules prescribing fees for documents sent to the Registrar are made by:
a. Central Government
b. Registrar of Firms
c. State Government
d. High Court
150. The fees prescribed under rules made under Section 71 shall not exceed the maximum specified in:
a. Schedule I
b. Schedule II
c. Code of Civil Procedure
d. Indian Contract Act
151. All rules made under Section 71 are subject to:
a. Court approval
b. Previous publication
c. Presidential assent
d. Parliamentary approval
152. Section 72 of the Indian Partnership Act, 1932 deals with:
a. Public notice under the Act
b. Registration of firms
c. Rectification of Register
d. Dissolution by Court
153. Public notice regarding retirement or expulsion of a partner in a registered firm requires:
a. Only publication in newspaper
b. Notice to Registrar and publication in Official Gazette and vernacular newspaper
c. Court order only
d. Notice to Registrar only
154. Public notice in other cases under the Act requires publication in:
a. Official Gazette and at least one vernacular newspaper in the district
b. National newspaper only
c. Registrar’s office only
d. Court notice board
155. Section 73 of the Indian Partnership Act, 1932:
a. Provides penalties
b. Has been repealed by the Repealing Act, 1938
c. Deals with public notice
d. Deals with registration
156. Section 74 of the Indian Partnership Act, 1932 deals with:
a. Savings clause
b. Registration procedure
c. Dissolution of firm
d. Settlement of accounts
157. The provisions of the Act do not affect rights or liabilities already acquired before:
a. The formation of the firm
b. Commencement of the Act
c. Registration of the firm
d. Dissolution of the firm
158. Nothing in the Act affects legal proceedings relating to rights or liabilities incurred:
a. Before the commencement of the Act
b. After dissolution of the firm
c. After registration of the firm
d. After retirement of partners
159. The Act does not affect any enactment relating to partnership:
a. Expressly repealed by the Act
b. Not expressly repealed by the Act
c. Passed after 1932
d. Passed by State Legislature
160. The Act does not affect any rule of insolvency relating to:
a. Companies
b. Partnership
c. Contracts
d. Arbitration
161. The Act does not affect any rule of law:
a. Inconsistent with the Act
b. Not inconsistent with the Act
c. Declared by Court only
d. Passed after 1932
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