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 : 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 : As a result of which Act did Queen Victoria, the monarch of Britain, also become the sovereign of British territories in India, with the title "Empress of India" in 1858?

Option 1: Indian Councils Act

Option 2: Government Of India Act

Option 3: Charter Act

Option 4: Regulating Act

Question : The National Payments Corporation of India was set up under the provisions of which Act?

Option 1: The SARFAESI Act, 2002

Option 2: Payment and Settlement Systems Act, 2007

Option 3: Government Securities Act, 2006

Option 4: Companies Act, 2013

Question :

Assertion (A): A firm can have a minimum of 2 with a maximum of 50 partners.

Reason (R): The limit of two partners flows from the definition in the Partnership Act, 1932. The maximum limit of partners is also prescribed in the Partnership Act, 1932.

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: Both Assertion (A) and Reason (R) are not correct