Unit 4
Chapter 1
Nature & Characteristics of Partnership
āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦā§° āĻĒ্ā§°āĻৃāϤি āĻā§°ু āĻŦৈāĻļিāώ্āĻ্āϝ
Questions
āĻĒ্ā§°āĻļ্āύāϏāĻŽূāĻš
MULTIPLE CHOICE QUESTION
āĻāĻাāϧিāĻ āĻŦিāĻāϞ্āĻĒāĻĒ্ā§°āĻļ্āύ
1. The Indian Partnership Act was introduced in which year?
1. āĻোāύ āĻŦāĻā§°āϤ āĻাā§°āϤীāϝ় āĻ ংāĻļীāĻĻাā§°ীāĻāĻāύ āĻĒ্ā§°ā§ąā§°্āϤāύ āĻā§°া āĻšৈāĻিāϞ? (a) 1930 (b) 1931 (c) 1932 (d) 1933
(āĻ) ā§§ā§¯ā§Šā§Ļ (āĻ) ā§§ā§¯ā§Šā§§
(āĻ) ā§§ā§¯ā§Šā§¨ (āĻ) ā§§ā§¯ā§Šā§Š
Ans: (c) 1932
āĻāϤ্āϤ⧰: (āĻ) ā§§ā§¯ā§Šā§¨
2. Which of the following is a valid partnership agreement?
2. āύিāĻŽ্āύāϞিāĻিāϤ āĻোāύāĻো āĻāĻা āĻŦৈāϧ āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦ āĻুāĻ্āϤি?
(a) Oral Agreement (b) Written Agreement (c) Implied Agreement (d) All of the above
(āĻ) āĻŽৌāĻিāĻ āĻুāĻ্āϤি (āĻ) āϞিāĻিāϤ āĻুāĻ্āϤি
(āĻ) āĻ āύ্āϤ⧰্āύিāĻšিāϤ āĻুāĻ্āϤি (āĻ) āĻāĻĒā§°োāĻ্āϤ āϏāĻāϞোāĻŦোā§°
Ans: (d) All of the above
āĻāϤ্āϤ⧰: (āĻ) āĻāĻĒā§°ā§° āϏāĻāϞোāĻŦোā§°
3. Under Companies Act, 2013, the maximum number of partners in a partnership cannot exceed?
3. āĻোāĻŽ্āĻĒাāύী āĻāĻāύ, 2013-ā§° āĻ āϧীāύāϤ, āĻ ংāĻļীāĻĻাā§°ীāϤ্āĻŦāϤ āϏ⧰্āĻŦাāϧিāĻ āĻ ংāĻļীāĻĻাā§°ā§° āϏংāĻ্āϝা āĻ āϤিāĻ্ā§°āĻŽ āĻā§°িāĻŦ āύোā§ąাā§°ে?
(a) 10 (b) 50 (c) 20 (d) 25
(āĻ) ā§§ā§Ļ (āĻ) ā§Ģā§Ļ
(āĻ) ⧍ā§Ļ (āĻ) ⧍ā§Ģ
Ans: (b) 50
āĻāϤ্āϤ⧰: (āĻ) ā§Ģā§Ļ
4. Which of the following cannot be a partner?
4. āύিāĻŽ্āύāϞিāĻিāϤ āĻোāύāĻো āĻ ংāĻļীāĻĻাā§° āĻš'āĻŦ āύোā§ąাā§°ে?
(a) Money-lender sharing profits (b) Servant or agent sharing profits (c) Child of deceased partner sharing (d) Seller of goodwill sharing profits
(e) All of the above.
Ans: (e) All of the above.
(āĻ) āϧāύ-āĻāĻŖāĻĻাāϤাāĻ āϞাāĻ āĻাāĻ-āĻŦāϤ⧰া āĻā§°া (āĻ) āϏেā§ąāĻ āĻŦা āĻāĻেāĻŖ্āĻে āϞাāĻ āĻাāĻ āĻŦāϤ⧰া āĻā§°ে
(āĻ) āĻŽৃāϤ āϏāĻ্āĻীāĻাāĻীā§° āϏāύ্āϤাāύ (āĻ) āϏāĻĻিāĻ্āĻা āĻাāĻ āĻŦāϤ⧰া āϞাāĻā§° āĻŦিāĻ্ā§°েāϤা
(āĻ) āĻāĻĒā§°োāĻ্āϤ āϏāĻāϞোāĻŦোā§°।
Ans: (e) All of the above.
āĻāϤ্āϤ⧰: (āĻ) āĻāĻĒā§°োāĻ্āϤ āϏāĻāϞোāĻŦোā§°।
FILL IN THE BLANKS
āĻাāϞী āĻ াāĻāĻŦোā§° āĻĒূā§°āĻŖ āĻā§°āĻ
1. Existence of an agreement is _______ of relationship of partnership. [optional essential/sine qua non]
1. āĻāĻāύ āĻুāĻ্āϤিā§° āĻ āϏ্āϤিāϤ্āĻŦ āĻšৈāĻে ...... āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦā§° āϏāĻŽ্āĻĒā§°্āĻā§°। [āĻŦৈāĻāϞ্āĻĒিāĻ āĻ āϤ্āϝাā§ąāĻļ্āϝāĻীāϝ়/āĻাāĻāύ āĻোā§ąা āύāύ]
Ans: 1. Sine qua non
āĻāϤ্āϤ⧰: 1. āĻাāĻāύ āĻোā§ąা āύāύ
2. The relation of partnership arises from _______ and not from status. [contract/inheritance]
2. āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦā§° āϏāĻŽ্āĻĒā§°্āĻ _______ āĻā§°ু āϏ্āĻĨিāϤিā§° āĻĒā§°া āύāĻšāϝ়। [āĻুāĻ্āϤি/āĻāϤ্āϤ⧰াāϧিāĻাā§°]
Ans: 2. Contract
āĻāϤ্āϤ⧰: 2. āĻুāĻ্āϤি
3. A written agreement of partnership is called as _______. [Partnership deed/Partnership Paper]
3. āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦā§° āĻāĻ āϞিāĻিāϤ āĻুāĻ্āϤিāĻ __ [āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦā§° āĻাāĻŽ/āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦ āĻাāĻāϤ]
Ans: 3. Partnership deed
āĻāϤ্āϤ⧰: 3. āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦā§° āĻাāĻŽ
4. A partner may contribute capital in ________. [Money/Any form]
4. āĻāĻāύ āĻ ংāĻļীāĻĻাā§°ে _____ [āĻāĻা/āϝিāĻোāύো āĻĒ্ā§°āĻাā§°]
Ans: 4. Any form
āĻāϤ্āϤ⧰: 4. āϝিāĻোāύো āĻĒ্ā§°āĻাā§°
5. When duration of partnership is not fixed, it is called as ________. [Particular Partnership/Partnership at Will]
5. āϝেāϤিāϝ়া āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦā§° āĻŽ্āϝাāĻĻ āύিā§°্āϧাā§°āĻŖ āĻā§°া āύāĻšāϝ়, āĻāϝ়াāĻ ______ [āĻāĻ্āĻাāĻĒāϤ্ā§°āϤ āĻŦিāĻļেāώ āĻ ংāĻļীāĻĻাā§°ীāϤ্āĻŦ/āĻ ংāĻļীāĻĻাā§°ীāϤ্āĻŦ]
Ans: 5. Partnership at will.
āĻāϤ্āϤ⧰: 5. āĻāĻ্āĻাāύুāϏাā§°ে āĻ ংāĻļীāĻĻাā§°ীāϤ্āĻŦ।
TRUE/FALSE
āϏāϤ্āϝ/āĻŽিāĻা
1. A minor is competent to become a partner in a partnership firm.
1. āĻāĻāύ āύাāĻŦাāϞāĻ āĻ ংāĻļীāĻĻাā§°ী āĻĢাā§°্āĻŽāϤ āĻ ংāĻļীāĻĻাā§° āĻš'āĻŦāϞৈ āϏāĻ্āώāĻŽ।
Ans: 1, False
āĻāϤ্āϤ⧰: 1, āĻŽিāĻা
2. A partnership firm not being a legal person is not capable of becoming partner in other partnership firm.
2. āĻāĻা āĻ ংāĻļীāĻĻাā§°ী āĻĒ্ā§°āϤিāώ্āĻ াāύ āĻāĻāύী āĻŦ্āϝāĻ্āϤি āύোāĻšোā§ąাāĻো āĻāύ āĻ ংāĻļীāĻĻাā§°ী āĻĒ্ā§°āϤিāώ্āĻ াāύāϤ āĻ ংāĻļীāĻĻাā§° āĻš'āĻŦāϞৈ āϏāĻ্āώāĻŽ āύāĻšāϝ়।
Ans: 2. True
āĻāϤ্āϤ⧰: 2. āϏঁāĻা
3. Partnership firm is a separate legal entity like a company.
3. āĻ ংāĻļীāĻĻাā§°ী āĻĒ্ā§°āϤিāώ্āĻ াāύ āĻšৈāĻে āĻোāĻŽ্āĻĒাāύীāĻāĻাā§° āĻĻā§°ে āĻāĻ āĻĒৃāĻĨāĻ āĻāĻāύী āϏāϤ্āϤা।
Ans: 3. False
āĻāϤ্āϤ⧰: 3. āĻŽিāĻা
4. For the purpose of Income Tax, partnership is a separate legal entity.
4. āĻāϝ়āĻā§° āĻāĻĻ্āĻĻেāĻļ্āϝ⧰ āĻŦাāĻŦে, āĻ ংāĻļীāĻĻাā§°ীāϤ্āĻŦ āĻšৈāĻে āĻāĻ āĻĒৃāĻĨāĻ āĻāĻāύী āϏāϤ্āϤা।
Ans: 4. True
āĻāϤ্āϤ⧰: 4. āϏঁāĻা
SHORT QUESTIONS
āĻāĻŽু āĻĒ্ā§°āĻļ্āύ
1. Define the term partnership.
1. āĻ ংāĻļীāĻĻাā§°ীāϤ্āĻŦ āĻļāĻŦ্āĻĻāĻো āύিā§°্āϧাā§°āĻŖ āĻā§°āĻ।
Ans:
2. Explain the objects and scope of Partnership Act.
2. āĻ ংāĻļীāĻĻাā§°ী āĻāĻāύ⧰ āĻ āĻŦāĻেāĻ্āĻ āĻā§°ু āĻĒā§°িāϏ⧰ āĻŦ্āϝাāĻ্āϝা āĻā§°āĻ।
Ans:
3. Explain the kinds of partnership agreements.
3. āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦ āĻুāĻ্āϤিā§° āĻĒ্ā§°āĻাā§°āĻŦোā§° āĻŦā§°্āĻŖāύা āĻā§°āĻ।
Ans:
4. How is an implied agreement of partnership different from an express partnership agreement?
4. āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦā§° āĻāĻ āĻ āύ্āϤ⧰্āύিāĻšিāϤ āĻুāĻ্āϤি āĻেāύেāĻৈ āĻāĻ āϏ্āĻĒāώ্āĻ āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦ āĻুāĻ্āϤিāϤāĻৈ āĻĒৃāĻĨāĻ?
Ans:
5. Write a short note on maximum number of partners in a partnership firm.
5. āĻ ংāĻļীāĻĻাā§°ী āĻĢাā§°্āĻŽ āĻāĻাāϤ āϏ⧰্āĻŦাāϧিāĻ āϏংāĻ্āϝāĻ āĻ ংāĻļীāĻĻাā§°ā§° āĻāĻĒā§°āϤ āĻāĻা āĻāĻŽু āĻোāĻা āϞিāĻāĻ।
Ans:
6. Which persons are incapable of becoming partners in a partnership firm?
6. āĻোāύāĻŦ্āϝāĻ্āϤি āĻ ংāĻļীāĻĻাā§°ী āĻĒ্ā§°āϤিāώ্āĻ াāύāĻāĻাāϤ āĻ ংāĻļীāĻĻাā§° āĻš'āĻŦāϞৈ āĻ āĻ্āώāĻŽ?
Ans:
7. Explain briefly the relation of mutual agency between partners of a partnership firm.
7. āĻ ংāĻļীāĻĻাā§°ী āĻĒ্ā§°āϤিāώ্āĻ াāύ āĻāĻাā§° āĻ ংāĻļীāĻĻাā§°āϏāĻāϞ⧰ āĻŽাāĻāϤ āĻĒাā§°āϏ্āĻĒā§°িāĻ āϏংāϏ্āĻĨাā§° āϏāĻŽ্āĻĒā§°্āĻ āĻāĻŽুāĻৈ āĻŦā§°্āĻŖāύা āĻā§°āĻ।
Ans:
8. Differentiate between :
8. āĻāϝ়াā§° āĻŽাāĻāϤ āĻĒাā§°্āĻĨāĻ্āϝ āĻā§°āĻ:
(a) Partnership & Company (b) Partnership & HUF (c) Partnership & Co-ownership.
(āĻ) āĻ ংāĻļীāĻĻাā§°ীāϤ্āĻŦ āĻā§°ু āĻোāĻŽ্āĻĒাāύী (āĻ) āĻ ংāĻļীāĻĻাā§°ীāϤ্āĻŦ āĻā§°ু āĻāĻāĻāĻāĻāĻāĻĢ (āĻ) āĻ ংāĻļীāĻĻাā§°ীāϤ্āĻŦ āĻā§°ু āϏāĻš-āĻŽাāϞিāĻাāύা।
Ans:
LONG QUESTIONS
āĻĻীāĻāϞীāϝ়া āĻĒ্ā§°āĻļ্āύ
1. Discuss the features of the Indian Partnership Act, 1932.
1. āĻাā§°āϤীāϝ় āĻ ংāĻļীāĻĻাā§°ীāϤ্āĻŦ āĻāĻāύ, 1932-ā§° āĻŦিāĻļেāώāϤ্āĻŦāĻŦোā§° āĻāϞোāĻāύা āĻā§°āĻ।
Ans:
2. Explain the meaning of partnership explaining the essential elements of partnership.
2. āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦā§° āĻĒ্ā§°āϝ়োāĻāύীāϝ় āĻāĻĒাāĻĻাāύāĻŦোā§° āĻŦā§°্āĻŖāύা āĻā§°ি āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦā§° āĻ ā§°্āĻĨ āĻŦā§°্āĻŖāύা āĻā§°āĻ।
Ans:
3. "The relation of partnership arises from contract and not from status." Discuss.
3. "āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦā§° āϏāĻŽ্āĻĒā§°্āĻ āĻুāĻ্āϤিā§° āĻĒā§°া āĻāĻĻ্āĻā§ą āĻšāϝ়, āϏ্āĻĨিāϤিā§° āĻĒā§°া āύāĻšāϝ়।" āĻāϞোāĻāύা āĻā§°āĻ।
Ans:
4. "Sharing of profit is not the only test to determine partnership." Do you agree with the statement?
4. "āĻ ংāĻļীāĻĻাā§°ীāϤ্āĻŦ āύিā§°্āϧাā§°āĻŖ āĻā§°াā§° āĻŦাāĻŦে āϞাāĻā§° āĻাāĻ-āĻŦāϤ⧰া āĻā§°াāĻো āĻāĻāĻŽাāϤ্ā§° āĻĒā§°ীāĻ্āώা āύāĻšāϝ়।" āĻāĻĒুāύি āĻŦিāĻŦৃāϤিāĻোā§° āϏৈāϤে āϏāύ্āĻŽāϤ āύেāĻি?
Ans:
5. Explain in detail the nature of partnership.
5. āĻ ংāĻļীāĻĻাā§°িāϤ্āĻŦā§° āĻĒ্ā§°āĻৃāϤি āĻŦিāϤংāĻাā§ąে āĻŦā§°্āĻŖāύা āĻā§°āĻ।
Ans: