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Introduction to Death of Partner

Which type of...

Question

Which type of partner has a right of free access to all records, books and accounts of the business and also to examine and copy them?

A

Every partner

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B

Sub-partner

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C

Partner by holding out

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D

Substituted partner

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Solution

The correct option is A Every partner
A partnership basically refers to the contract between two or more people who have agreed to carry on certain business in order to achieve common goals.
According to the Partnership act 1932, every partner whether active or dormant has a right to access all the records, books and accounts of the firm and to analyse it.

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Q. Every partner whether active or dormant, has a right of free access to all _________ of the business and also to examine and copy them.

Q. Which partner has a right to take part in the conduct and management of the business?

Q. When required amount for premium for goodwill is not brought in by new partner, goodwill account is raised in the books of the firm by debiting goodwill account and crediting partners capital account in old profit sharing ratio and written off in ______ if it agreed not show goodwill in the books of the firm OR ALTERNATIVELY premium for goodwill should be adjusted through partners capital account by debiting new partners share of goodwill to his account and crediting old partners capital accounts in _________.

Q. Identify which sentence is correct and which is incorrect.
A. A sub-partner can bind the firm or other partners by his acts.
B. Sub-partner has rights or duties towards the firm and does carry liability for the dents of the firm.
C. Minor partner is entitled to his agreed share
D. Minor can inspect books of account of the firm.
Select the correct answer from the options given.

Q. Choose the correct answers from the alternatives given.
Where a partner retires, and the remaining partners carry on the business with the firm's property without any final settlement of accounts, the outgoing partner is entitled to _______.

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