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 : Gain/loss on revaluation at the time of change in profit sharing ratio of existing partners is shared by ______(i)_____ whereas in case of admission of a partner, it is shared by _____(ii)_____. 

Option 1: (i) Remaining Partners, (ii) All Partners. 

Option 2: (i) All Partners, (ii) Old partners. 

Option 3: (i) New Partner, (ii) All partner 

Option 4: (i) Sacrificing Partner, (ii) Incoming partner

Question :  Which of the following is not a way of dissolution of partnership firm?

Option 1: With the consent of all partners

Option 2: When all partners or all but one partner become insolvent

Option 3: When business of the firm becomes illegal

Option 4: When there is a change in the economic relationship of partners

Question : Any change in the relationship of existing partners which results in an end of the existing agreement and enforce a new agreement is called 

Option 1: Revaluation of partnership

Option 2: Reconstitution of partnership

Option 3: Realization of partnership 

Option 4: Dissolution of firm 

Question : Which of the following is not true with respect to Admission of a partner? 

Option 1: A new partner can be admitted if it is agreed in the partnership deed. 

Option 2: If all the partners agree, a new partner can be admitted.

Option 3: A new partner has to bring relatively higher capital as compared to the existing partners.

Option 4: A new partner gets right in the assets of the firm.