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CA FOUNDATION ANTIM TEST SERIES
TEST-4: INDIAN PARTNERSHIP ACT, 1932
Time: 1 hr Date: 29.11.2023 Maximum Marks: 30
General Instructions:
1. All Questions are compulsory.
2. After completing the Test make the PDF of the Answer Sheet and save the file
name with “YourName_Law _04”.
3. Upload your PDF file to the respective portal till 11.59 pm.
Q1. M/s ABC Associates is a partnership firm since 1990. Mr. A, Mr. B and Mr. C were
partners in the firm since beginning. Mr. A, being a very senior partner of aged 78
years transfers his share in the firm to his son Mr. Prateek, a Chartered Accountant. Mr.
B and Mr. C were not interested that Mr. Prateek join them as partner in M/s ABC
Associates. After some time, Mr. Prateek felt that the books of accounts were
displaying only a small amount as profit despite a huge turnover. He wanted to inspect
the book of accounts of the firm arguing that it is his entitlement as a transferee.
However, the other partners believed that he cannot challenge the books of accounts.
Can Mr. Prateek, be introduced as a partner if his father wants to get a retirement? As
an advisor, help them resolve the issues applying the necessary provisions from the
Indian Partnership Act, 1932. (6 Marks)
Q2. Define partnership and name the essential elements for the existence of a
partnership as per the Indian Partnership Act, 1932. Explain any two such elements in
detail. (3+3 = 6 Marks)
Q3. M, N and P were partners in a firm. The firm ordered JR Limited to supply the
furniture. P dies, and M and N continues the business in the firm's name. The firm did
not give any notice about P's death to the public or the persons dealing with the firm.
The furniture was delivered to the firm after P's death, fact about his death was known
CA Foundation December 2023 Mock Test Series at https://commerceaim.vercel.app
CA FOUNDATION ANTIM TEST SERIES
TEST-4: INDIAN PARTNERSHIP ACT, 1932
Time: 1 hr Date: 29.11.2023 Maximum Marks: 30
General Instructions:
1. All Questions are compulsory.
2. After completing the Test make the PDF of the Answer Sheet and save the file
name with “YourName_Law _04”.
3. Upload your PDF file to the respective portal till 11.59 pm.
Q1. M/s ABC Associates is a partnership firm since 1990. Mr. A, Mr. B and Mr. C were
partners in the firm since beginning. Mr. A, being a very senior partner of aged 78
years transfers his share in the firm to his son Mr. Prateek, a Chartered Accountant. Mr.
B and Mr. C were not interested that Mr. Prateek join them as partner in M/s ABC
Associates. After some time, Mr. Prateek felt that the books of accounts were
displaying only a small amount as profit despite a huge turnover. He wanted to inspect
the book of accounts of the firm arguing that it is his entitlement as a transferee.
However, the other partners believed that he cannot challenge the books of accounts.
Can Mr. Prateek, be introduced as a partner if his father wants to get a retirement? As
an advisor, help them resolve the issues applying the necessary provisions from the
Indian Partnership Act, 1932. (6 Marks)
Q2. Define partnership and name the essential elements for the existence of a
partnership as per the Indian Partnership Act, 1932. Explain any two such elements in
detail. (3+3 = 6 Marks)
Q3. M, N and P were partners in a firm. The firm ordered JR Limited to supply the
furniture. P dies, and M and N continues the business in the firm's name. The firm did
not give any notice about P's death to the public or the persons dealing with the firm.
The furniture was delivered to the firm after P's death, fact about his death was known
CA Foundation December 2023 Mock Test Series at https://commerceaim.vercel.app
