TN STATEBOARD 11th COMMERCE CHAPTER 2
TEST
CHAPTER TEST
TEST –6
PADVIKSHA BLOG
TIME: 1 HOUR 15 Minutes
TOTAL MARKS: 25
I Multiple Choice Questions (MCQ) (Mark- 5 x 1 = 5)
Write all questions
1. The Maximum number of members in the non-banking firm is __________
(a) 10
(b) 15
(c) 20
(d) 25
2. ___________ is governed by the Indian Partnership Act.
(a) Partnership Firm
(b) Sole trader ship
(c) Joint Hindu Family
(d) None of these
3. ___________ is governed by the Indian Partnership Act.
(a) Partnership Firm
(b) Sole trader ship
(c) Joint Hindu Family
(d) None of these
4. The firm of Hindu Undivided Family is managed by whom?
(a) Owner
(b) Karta
(c) Manager
(d) Partner
5. The Members in the joint Hindu family are called ________
(a) Karta
(b) Coparceners
(c) Generations
(d) Partners
II ANSWER THE FOLLOWING QUESTIONS IN ONE OR TWO SENTENCES. (3x2=6)
Write Any 3 Questions:
1. Mention any four kinds of Partners?
2. Who is called KARTA?
3. Write any two types of dissolution through court?
4. What are the two schools of Hindu law?
5. Who is a Sleeping partner?
III Short answer questions. (3 X 3 = 9)
WRITE ANY 3 QUESTIONS
1. What is unlimited liability?
2. Write any 3 features of HUF?
3. What is meant by Dayabhaga Law?
4. Explain the nature of liability of Karta.
5. What is the meaning of Partnership Deed?
IV. Long Answer question (1 x 5 = 5)
WRITE ANY ONE QUESTION
1. What are the contents of the partnership deed?
2. For Future Learning
Question a.
Raman with members of his extended family established a Joint Hindu Family business of Handicrafts. Raman being the head of family controlled the business as ‘Karta’. He had authority to take all decisions for the business. Many times, he sold goods for cash without informing other members of the family business. This resulted in lesser profits. He also sold one of the family properties and gave money to his daughter as a wedding gift. What values did Karta ignore in the above case?
Question b.
Palani is an Electronics Engineer. He has met two businessmen who wish to enter into a partnership with him for the manufacture of tape – recorders. They are prepared to make the investment and offer a fourth share in profits to Palani. Would you have any special words of advice for Palani?
Question c.
A father had self-acquired agricultural land. He transferred the said land in the name of his three sons. The revenue records reflect the names of the three sons with 1/3rd share against each name. Father died recently. However physical partition of the said land amongst the three brothers has not been done as they have mutually decided against it. Eldest son has started managing the land since father’s demise. Is the land in question ancestral property of the three brothers? Can the three brothers claim to a HUF? If yes, then since when are they HUF – after father’s demise or since the date land transferred in their names?
Question b.
Draw a family tree diagram as you think. Just imagine you are running a business under the Joint Hindu Family system.