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
Correct Answer: As per Section 48 of the Indian Partnership Act, 1932, partner's loan is paid before the payment of partner's Capitals.
Solution : Answer = As per Section 48 of the Indian Partnership Act, 1932, the partner's loan is paid before the payment of the partner's Capital. As per section 48, Indian Partnership Act 1932 partner's Loan is 'Paid Before the Payment of Partner's capital. This legal provision prioritizes settling the internal obligations of partners before addressing external liabilities. Hence, the correct option is 1.
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.
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 : Rhea and Divya are partners as per provisions of the Indian Partnership Act 1932. On admission of a below price than the market price," is an example of_______________.
Option 1: Public Issue
Option 2: Private Placement
Option 3: ESOP
Option 4: Issue other than cash
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 Charter Act brought to an end, the East India Company's monopoly in India's foreign trade ?
Option 1: Charter Act of 1853
Option 2: Charter Act of 1793
Option 3: Charter Act of 1813
Option 4: Charter Act of 1833
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