On attaining majority, a minor admitted to benefits has the option to become a partner within: MCQ with Answer and Explanation

Question

Share Report Error

On attaining majority, a minor admitted to benefits has the option to become a partner within:

A. 3 months

B. 2 years

C. 6 months

D. 1 year

Answer: Option C

Solution (By JKSSB Mock Tests)

Within 6 months of attaining majority, he must decide whether to become a partner or not.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

Share Report

Under the partnership act, in the absence of a deed, the profit sharing ratio is:

A. Based on service rendered

B. Based on capital contribution

C. Determined by the court

D. Equal

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
The Indian Partnership Act, 1932, states that if there is no partnership deed, profits and losses must be shared equally among all partners.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

Share Report

The 'Blockchain' technology in supply chain finance can provide:

A. Delayed settlement

B. Paper-heavy process

C. Real-time visibility and immutable transaction records

D. Manual errors

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Blockchain enables transparent, secure, and instant tracking of transactions.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

Share Report

Which of the following is a revenue expenditure?

A. Annual repairs of machinery

B. Purchase of land for factory

C. Extension of building

D. Legal expenses to acquire a building

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Annual repairs are recurring and maintain existing asset's earning capacity, hence revenue expenditure. Others are capital expenditures.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Explore All Accountancy and Book Keeping MCQs