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Chapters
2: Ownership Structures - Sole Proprietorship and Joint Hindu Family Business
▶ 3: Ownership Structures - Partnership
4: Ownership Structures - Joint Stock Company
5: Ownership Structures - Cooperative Society
6: Public Sector Enterprises
7: Functioning of a Commercial Organisation
8: Communication in a Commercial Organisation
9: Ways of Communicating
10: Tools of Communication
11: Nature and Terminology of Accounting
12: Accounting Records
13: Natural Resources
14: Depletion of Resources
15: Practices for Conservation of Resources
16: Industrial Pollution and Degradation of Environment
![C. B. Gupta solutions for कमर्शियल ऐप्लिकेशन [अंग्रेजी] कक्षा ९ आयसीएसई chapter 3 - Ownership Structures - Partnership - Shaalaa.com](/images/commercial-applications-english-class-9-icse_6:a8c313becfb946c8815ff7559b43feac.jpg "C. B. Gupta solutions for कमर्शियल ऐप्लिकेशन [अंग्रेजी] कक्षा ९ आयसीएसई chapter 3 - Ownership Structures - Partnership")
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Solutions for Chapter 3: Ownership Structures - Partnership
Below listed, you can find solutions for Chapter 3 of CISCE C. B. Gupta for कमर्शियल ऐप्लिकेशन [अंग्रेजी] कक्षा ९ आयसीएसई.
C. B. Gupta solutions for कमर्शियल ऐप्लिकेशन [अंग्रेजी] कक्षा ९ आयसीएसई 3 Ownership Structures - Partnership EXERCISES [Pages 39 - 42]
Objective Type Questions:
Statement I: A partnership is a voluntary association of two or more persons who agree to carry on some business jointly and share its profits and losses.
Statement II: The persons who enter into partnership are individually called ‘partners’ and collectively called ‘firm’.
Only I is correct.
Only II is correct.
Both I and II are correct.
Both I and II are wrong.
An unregistered partnership firm cannot enforce its claims against a third party in a court of law.
True
False
Which of the following is not a feature of partnership?
Partnership is based on mutual trust and confidence.
Partnership business can be carried on by all the partners or by any of them acting on behalf of others.
Partners can transfer his share in the partnership without the prior consent of all other partners.
A partnership firm has no separate legal existence independent of the partners.
Which of the following statement is incorrect?
Each partner is liable to an unlimited extent for the firm’s obligations towards outsiders.
A partnership can be formed only for the purpose of carrying on a business.
Each partner is liable for acts performed by other partners on behalf of the firm.
An association of persons who jointly own a house without carrying on a business can be considered as partnership.
Which of the following statements regarding partnership is incorrect?
Secrets are known to partners.
Coordination between partners is not required.
Ownership is shared by partners.
Agreement is essential.
Which of the following is NOT merit of partnership?
Ease of formation
Scope for expansion
Uncertain life
Combined abilities and judgement
Assertion (A): A partnership can only be formed for a lawful business.
Reasoning (R): Illegal activities like smuggling or theft can be considered as a partnership if profits are shared.
Both A and R are true, and R is the correct explanation of A.
Both A and R are true, but R is not the correct explanation of A.
A is true, but R is false.
A is false, but R is true.
Which of the following statements regarding partnership is correct?
Less amount of funds are available.
They are difficult to form.
Partnership business suffers from instability.
Secrets are not known to all members.
Statement I: Registration of partnership firms is compulsory under the Partnership Act 1932.
Statement II: The registration of a firm is a difficult process.
Only I is correct.
Only II is correct.
Both I and II are correct.
Both I and II are incorrect.
Which of the following is not a consequence of non-registration?
An unregistered partnership firm cannot enforce its claims against a third party in a court of law.
It can sue any of its partners.
Partners of an unregistered firm cannot sue the firm to enforce their claims.
Partners of an unregistered firm cannot file a suit against each other.
Statement I: Every partner has unlimited liability in LLP.
Statement II: Every partner has limited liability in General Partnership.
Only I is correct.
Only II is correct.
Both I and II are correct.
Both I and II are wrong.
Which of the following is not correct about Limited Liability Partnership (LLP)?
An LLP is a body corporate having a separate legal entity and perpetual succession.
An LLP must not maintain annual accounts reflecting the true and fair view of its state of affairs.
The liability of partners in LLP is limited to their agreed contributions to the LLP.
As there is no limit on the number, an LLP can raise huge funds for expansion and growth of business.
Arun and Amrita agree to start a business together by pooling their resources and sharing profits. What type of business structure are they forming?
Sole Proprietorship
Partnership
Joint Stock Company
Cooperative Society
A partnership firm cannot sue a third party in a court of law unless:
It has a minimum of three partners.
It is registered with the registrar of firms.
It operates in more than one state.
It has a partnership deed.
Aman and Rohan started a business as partners. They verbally agreed to share profits equally, but did not create a written agreement. Later, they had a dispute about profit sharing. What could have prevented this dispute?
Registering the firm
A written partnership deed
Seeking legal advice before starting
Limiting the number of partners
Registration of a partnership firm is compulsory under the Partnership Act, 1932.
True
False
Why is it recommended to have a written partnership deed?
It is mandatory for registration under the Companies Act.
It serves as a legal record to resolve disputes.
It reduces the firm’s tax liability.
It ensures limited liability for all partners.
A partnership firm is not registered. The firm lent ₹ 50,000 to a customer, but the customer failed to repay it. Can the firm take legal action against the customer?
Yes, as registration is optional.
No, because the firm is not registered.
Yes, if the partners agree unanimously.
No, unless the firm gets registered before filing the case.
Statement I: Partnership is an association of two or more persons.
Statement II: Partnership is an agreement between two or more persons.
Only I is correct.
Only II is correct.
Both I and II are correct.
Both I and II are wrong.
Which of the following is not a demerit of partnership?
Unlimited liability
Limited Resources
Secrecy
Lack of public confidence
Meera, a partner in a firm, withdraws her share of capital without informing the other partners, resulting in financial strain on the firm. Which feature of partnership prevents such actions?
Mutual consent among partners.
Written agreement.
Sharing of profits and losses.
Unlimited liability.
A company required funding for expansion, but did not want unlimited liability for its partners. What type of partnership would best suit their needs?
General Partnership
Partnership at Will
Limited Liability Partnership (LLP)
Particular Partnership
In a partnership at will, any partner can dissolve the firm by giving notice to the other partners.
True
False
Two friends, Ajay and Sameer, jointly own a property but do not run a business with it. Can this arrangement be considered a partnership?
Yes, because they jointly own a property.
No, because they are not running a business.
Yes, if they share the rental income equally.
No, because partnership must involve more than two people.
Assertion (A): In a Limited Liability Partnership (LLP), the liability of the partners is limited to their agreed contribution.
Reasoning (R): An LLP is a hybrid form of business organisation combining features of a partnership and a joint-stock company.
Both A and R are true, and R is the correct explanation of A.
Both A and R are true, but R is not the correct explanation of A.
A is true, but R is false.
A is false, but R is true.
A client sues a partnership firm for not delivering goods on time. The court orders all partners to pay compensation using their personal assets. What feature of partnership leads to this situation?
Unlimited liability
Mutual agency
Sharing of profits and losses
Restriction on transfer of interest
Short Answer Questions:
Define Partnership.
State the features of a partnership firm.
A partnership firm operating a travel agency is facing legal issues because one partner took a loan in the firm’s name without informing the other partners. How does the principle of mutual agency apply to this situation?
What is implied agency in partnership?
State the advantages of registering a partnership.
Answer in one sentence.
What do you mean by a general partnership?
Distinguish between a partnership at will and a particular partnership.
“Partnership overcome the shortcomings of sole proprietorship”. Justify this statement in favour and give a reason.
“Partnership overcome the shortcomings of sole proprietorship”. Justify this statement against it and give a reason.
“Partnership is an extension of sole proprietorship”. Evaluate this statement.
How is a partnership formed?
Long Answer Questions:
State the merits of a partnership firm.
Explain the demerits of a Partnership firm.
Distinguish between a partnership and a sole proprietorship.
An unregistered partnership firm faces challenges in recovering debts from a client who refuses to pay. What are the consequences of non-registration in this case, and how could the issue have been avoided?
What is a partnership deed?
What are the contents of the partnership deed?
How is a partnership registered?
What are the consequences of non-registration of a Partnership?
What is a limited partnership?
Explain the merits of a limited partnership.
Explain the demerits of a limited partnership.
A partnership firm dealing in handmade products is struggling due to limited funds and a lack of access to large markets. The partners are considering converting the firm into an LLP. What advantages would LLP offer in this scenario?
Distinguish between:
Partnership Firm and Joint Hindi Family.
Project Work:
Suppose you and two of your classmates want to start a partnership business after completing your education. Draw up a partnership deed of your proposed business.
C. B. Gupta solutions for कमर्शियल ऐप्लिकेशन [अंग्रेजी] कक्षा ९ आयसीएसई 3 Ownership Structures - Partnership QUESTION BANK [Page 42]
What led to the emergence of the partnership form of business?
What are the advantages of registration of partnership?
Two friends, Priya and Ravi, start a partnership firm for online retailing. Priya contributes capital while Ravi manages the operations. The firm’s profits are declining, and Priya accuses Ravi of mismanagement. How can the firm’s partnership deed help resolve this conflict? Suggest any two additional clauses that should be included in the deed for clarity.
Solutions for 3: Ownership Structures - Partnership
C. B. Gupta solutions for कमर्शियल ऐप्लिकेशन [अंग्रेजी] कक्षा ९ आयसीएसई chapter 3 - Ownership Structures - Partnership
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