Question : On dissolution of the firm, partner A demands that his loan of Rs. 1,00,000 should be paid before payment of Capitals of the partners, whereas partners B and C demand that Capitals should be paid before the payment of A's loan. State the order of payment.

Option 1: As per Section 48 of the Indian Partnership Act, 1932, partner's loan is paid before the payment of partner's Capitals.

Option 2: As per Section 48 of the Indian Partnership Act, 1932, partner's loan is paid after the payment of partner's Capitals.

Option 3: As per Section 48 of the Indian Partnership Act, 1932. Partner's loan is paid before the payment of outsider's liabilities.

Option 4: None of the above

Question : Assertion (A): The firm's partners are Amit, Bharat, and Charu. The Partnership Agreement provides that Amit will be paid a salary of 60,000 per year. Bharat and Charu have also requested salaries of 60,000 each. Salaries for Bharat and Charu will be permitted.
Reason (R): In the absence of a Partnership Deed, the Partnership Act of 1932 applies. As a result, Bharat and Charu will not be paid.

Option 1: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)

Option 2: Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A)

Option 3: Assertion (A) is true but Reason (R) is False

Option 4: Assertion (A) is false and Reason (R) is true

Question : As Per Section ----------------- of the Indian Partnership act provides that a new partner shall not be inducted into the firm without the consent of all existing partner ?

Option 1: 35

Option 2: 38

Option 3: 42

Option 4: 31

Question : L, B and P were partners sharing profits and losses in the ratio of 4: 3: 2. P died on 1st July 2019 on which date the capitals of L, B and P after all necessary adjustments stood at Rs. 75,000; Rs. 65,000 and Rs. 45,000 respectively. L and B continued to carry on the business for 6 months without settling the account of P. During the 6 months ended 31st December 2019, a profit of Rs. 50,000 was earned by the firm.
Choose the correct options available with P's Executor under Section 37 of the Indian Partnership Act, 1932 should be exercised.

Option 1: Interest @ 6% p.a. on balance amount = Rs. 45,000 X 6/100 X 6/12= Rs. 1,350.

Option 2: Share in the subsequent profits attributable to the use of balance due to him Rs. 50,000 x Rs. 45,000/Rs. 1,85,000 = Rs. 12,162.

Option 3: Both 1 and 2

Option 4: None of the above

Question : L, B and P were partners sharing profits and losses in the ratio of 4: 3: 2. P died on 1st July 2019 on which date the capitals of L, B and P after all necessary adjustments stood at Rs. 75,000; Rs. 65,000 and Rs. 45,000 respectively. L and B continued to carry on the business for 6 months without settling the account of P. During the 6 months ended 31st December 2019, a profit of Rs. 50,000 was earned by the firm.
Choose the correct options available with P's Executor under Section 37 of the Indian Partnership Act, 1932 should be exercised.

Option 1: Interest @ 6% p.a. on balance amount = Rs. 45,000 X 6/100 X 6/12= Rs. 1,350.

Option 2: Share in the subsequent profits attributable to the use of balance due to him Rs. 50,000 x Rs. 45,000/Rs. 1,85,000 = Rs. 12,162.

Option 3: Both 1 and 2

Option 4: None of the above