Read the following text and answer question no,17 to 20.
Amar, Akbar and Antony have been running a restaurant separately in different localities as only owner of their
business. they have the exclusive right of control over their business. they have the exclusive right of control over their
business. They want to expand their business but due to limited financial resources and capacity to manage business
affairs they could not do so. Now they decide to join their hands together and agree to form a partnership firm. they
approach their friend Arpita who promise to contribute a very good amount of capital but expresses his inability to
participate in the working of the business. After one year, the firm earns a profit of ₹ 30,00,000. All the four partners
have different opinion how to distribute this amount among themselves. They consult one Chartered Accountant,
Mr.Nirmal Gupta who advised them to follow the provisions of law.
17. Name the business organisation rub by Amar ,Akbar and Antony before admitting Arpita in their business.
(a) sole proprietorship (b) partnership (c) joint Hindu family business(d) private company
18. Name the business organisation run by Amar, Akbar and Antony after admitting Arpita in their venture
(a)sole proprietorship (b) partnership (c) private company (d)public company
19. What is the status of Arpita in the firm?
(a) Active partner (b) Nominal partner(c) sleeping or dormant partner (d) secret partner
20. If there is no written agreement among the partners , the provisions of ______will be applicable.
(a) Companies Act (b) Contract Act (c) Cooperative Societies Act (d) Partnership Act
Answers
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17. Sole proprietorship.
18. Partnership.
19. Sleeping and dormant partner.
20. Partnership act.
Thanks.
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