List - I List - II (a) Mutual Rights and Liabilities of Partners (i) Section 34 of Partnership Act (b) Dissolution of Partnership (ii) Section 13 of Partnership Act (c) Retirement of a Partner (iii) Section 39 of Partnership Act (d) Insolvency of a Partner (iv) Section 32 of Partnership Act
Code : (a) (b) (c) (d)
Matching Partnership Act Sections
This question requires matching key aspects of partnership law with their corresponding sections in the Partnership Act. We need to identify the correct section number for each item listed in List - I.
Detailed Section Matching
- (a) Mutual Rights and Liabilities of Partners: These relate to the fundamental rules governing partners' relationships and duties. Section 13 of the Partnership Act covers important aspects like the property of the firm and implied powers and duties of partners. Thus, (a) matches with (ii).
- (b) Dissolution of Partnership: This refers to the termination of the partnership business. Section 39 of the Partnership Act specifically deals with the definition and consequence of the dissolution of a firm. Thus, (b) matches with (iii).
- (c) Retirement of a Partner: This involves a partner leaving the partnership. Section 32 of the Partnership Act outlines the provisions related to the retirement of a partner. Thus, (c) matches with (iv).
- (d) Insolvency of a Partner: This concerns the situation where a partner is declared insolvent. Section 34 of the Partnership Act addresses the specific implications of a partner's insolvency. Thus, (d) matches with (i).
Final Code Selection
Based on the matching:
- (a) corresponds to (ii)
- (b) corresponds to (iii)
- (c) corresponds to (iv)
- (d) corresponds to (i)
Therefore, the correct code sequence is (ii) (iii) (iv) (i).
Important Questions from Indian Partnership Act, 1932
- As per Section 206 AA in Income tax Act, 1961, if PAN (Permanent Account Number) is not provided, the rate of TDS would be __________.
- Which one of the following is not within the scope of Implied Authority of a partner?
- Which one of the following is incorrect ?
Under the Partnership Act, a minor who has been admitted to partnership when attains majority should adhere to the following : Under the Indian Partnership Act, 1932, which statements are false?
A. Partners have no duty to carry on business to the greatest common advantage.
B. In the absence of a contrary contract, interest on subscribed capital is payable even when there are no profits.
C. If the business continues using an outgoing partner’s share without final settlement, and no contrary contract applies, that partner may opt for attributable subsequent profits or 6% annual interest on the share, subject to section 37.
D. A majority may expel a partner without any contractual power and without acting in good faith.Which one of the following statements is True' in partnership?
