MCQ 29 December 2023

Daily MCQs for Judiciary Prelims Exams - (29 December 2023)



Question/ Answer
Question1:- Incoming partner is provided under which provision of Indian Partnership Act
  • (a) Section 27
  • (b) Section 29
  • (c) Section 30
  • (d) Section 31
Answer is C is correct. Section 30(1) of the act provides that a new partner can be admitted to a firm with the consent of all the partners. Therefore option (c) is the correct answer.
Question2:- Mark the incorrect statement: If a minor partner opts outs of partnership then
  • (a) His rights and liabilities will not continue up to the date of public notice
  • (b) His share will not be liable for the act of the firm done after the date of notice
  • (c) He shall be entitled to sue the partners for his share
  • (d) He shall be entitled to sue the partners for profits
Answer is A is correct. If minor opts outs of partnership firm his rights and liabilities will continue up to the date of public notice. Therefore option (a) is the correct answer.
Question3:- What are the rights of an outing partner to carry on competing business
  • (a) Use the firm’s name
  • (b) Not to represent himself as carrying on the business of the firm
  • (c) Both (a) and (b)
  • (d) None of the above
Answer is B is correct. An outgoing partner has no right to use the firm’s name, represent him as carrying on the business of the firm or solicit the custom of people who were dealing with the firm before he ceased to be a partner. Therefore option (b) is the correct answer.
Question4:- Agreements in restraint of trade entered between the partners are
  • (a) Valid as per Section 25 of Indian Contract Act
  • (b) Non Valid as per Section 25 of Indian Contract Act
  • (c) Valid as per Section 25 of Indian Partnership Act
  • (d) Non Valid as per Section 25 of Indian Partnership Act
Answer is A is correct. Agreement in restraint of trade entered between the partners is valid as per Section 25 of Indian Contract Act. Therefore option (a) is the correct answer.
Question5:- Right of an outgoing partner to share the subsequent profits is provided under which provision of Indian Penal Code
  • (a) Section 35
  • (b) Section 36
  • (c) Section 37
  • (d) Section 38
Answer is C is correct. As per Section 37 of the Act, outgoing partner has a right to share the subsequent profits. Therefore option (c) is the correct answer.
Question6:- At which rate the continuing partner can continue to use the share of profits of the outgoing partner
  • (a) 6% p.a.
  • (b) 9% p.a.
  • (c) 12% p.a.
  • (d) 14% p.a.
Answer is A is correct. As per Section 37 of the Act, outgoing partner has a right to share the subsequent profits and if any continuing partner use the share of profit of any of the outgoing partner he has to pay 6% pa. on such amount. Therefore option (a) is the correct answer.
Question7:- Dissolution of the firm is provided under which provision of Indian Partnership Act
  • (a) Section 37
  • (b) Section 38
  • (c) Section 39
  • (d) Section 40
Answer is C is correct. Section 39 provides that the dissolution of partnership between all the partners of a firm is called dissolution of the firm. Therefore option (c) is the correct answer.

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