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 : The ____________ is an Act of the Parliament of the United Kingdom that partitioned British India into two new independent dominions of India and Pakistan in 1947.

Option 1: Industrial Disputes Act

Option 2: Government of India Act

Option 3: Indian Independence Act

Option 4: Rowlatt Act

Question : A and B are partners in a firm sharing profits in the ratio of 3:2. Mrs A has given a loan of Rs. 20,000 to the firm, and the firm also obtained a loan of Rs. 10,000 from B. The firm was dissolved, and its assets were realised for Rs. 25,000. State the order of payment of Mrs. A's Loan and B's Loan with reason, if there were no creditors of the firm.

Option 1: As per Section 48 of the Indian Partnership Act, 1932, Mrs. A's Loan of Rs.20,000 will be paid first and after that B's Loan will be paid up to the available amount of Rs.5,000.

Option 2: As per Section 48 of the Indian Partnership Act, 1932, B's loan of Rs.10,000 will be paid first and after that Mrs A loan will be paid up to the available amount.

Option 3: As per Section 48 of the Indian Partnership Act, 1932, Mrs. A's Loan of Rs.20,000 will be paid first and after that B's Loan will be paid up to the available amount of Rs 10,000.

Option 4: None of the above

Question : The Partnership Deed is silent on the rate of interest to be paid on the amount due to the heirs of the deceased partner. At what rate interest on the outstanding amount shall be payable?

Option 1: At the rate at which the banks grant loan.

Option 2: At the rate of interest provided in the Partnership Act, 1932.

Option 3: At the rate of interest demanded by the heirs of the deceased partner.

Option 4: 12% PA

Question : Which act of the British Parliament was also known as the East India Company Act 1793?

Option 1: The Government of India Act, 1793

Option 2: The Charter Act, 1793

Option 3: The Regulating Act, of 1793

Option 4: The Indian Councils Act, 1793