A 'Partner by Holding Out' is: MCQ with Answer and Explanation

Question
A 'Partner by Holding Out' is:
A. A deceased partner's legal heir
B. A retired partner
C. A person who represents himself as a partner but is not
D. A minor admitted to benefits
Answer: Option C
Solution (By JKSSB Mock Tests)
A person who by his conduct or words allows others to believe he is a partner may be held liable as partner by estoppel or holding out.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Which of the following is an extraordinary item?
A. Salary paid
B. Loss due to fire in a factory (not regular)
C. Sale of goods
D. Purchase of raw material
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Correct Answer: Option B

Explanation:
Extraordinary items are unusual and infrequent, e.g., loss from natural disaster, expropriation.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following statements about GST is/are correct? 1. It is a destination-based consumption tax. 2. It subsumes all central and state indirect taxes. 3. Petroleum products are presently outside GST. 4. The GST Council is a constitutional body.
A. All of the above
B. 2, 3 and 4
C. 1, 3 and 4
D. 1, 2 and 3
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Correct Answer: Option C

Explanation:
Statement 2 is incorrect because some taxes like basic customs duty, stamp duty are not subsumed. 1, 3, 4 are correct.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
If total assets are ₹5,00,000 and outside liabilities are ₹2,00,000, what is the capital?
A. ₹7,00,000
B. ₹3,00,000
C. ₹2,00,000
D. ₹5,00,000
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Correct Answer: Option B

Explanation:
Capital = Assets - Liabilities. Therefore, ₹5,00,000 - ₹2,00,000 = ₹3,00,000.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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