Partnership Act 1961

Question 1

Partnership books are to be kept at a place where every partner may have access to inspect and copy any of them.
(Partnership Act 1961)

Answer 1

Section (i) Partnership Act 1961

Question 2

A partner is not entitled to the 8% payment, before the ascertainment of profits, to interest on the capital subscribed by him.
(Partnership Act 1961)

Answer 2

Section 26 (d) Partnership Act 1961

Question 3

Supporting case for Section 31 Partnership Act 1961.
(Partnership Act 1961)

Answer 3

Pathirana v Ariya Pathirana (1967)

Question 4

The firm must indemnify every partner in respect of payments made and personal liabilities incurred by him.
(Partnership Act 1961)

Answer 4

Section 26 (b) Partnership Act 1961

Question 5

Supporting case for Section 7 Partnership Act 1961.
(Partnership Act 1961)

Answer 5

Chan King Yue v Lee & Wong (1962)

Question 6

Supporting case for Section 11 Partnership Act 1961.
(Partnership Act 1961)

Answer 6

Osman b.Haji Mohamed Usop v Chang Kang Swi (1924)

Question 7

No partner shall be entitled to remuneration.
(Partnership Act 1961)

Answer 7

Section 26 (f) Partnership Act 1961

Question 8

Every partner in a firm is liable jointly with other partners for all debts and obligations.
(Partnership Act 1961)

Answer 8

Section 11 Partnership Act 1961

Question 9

No person may be introduced as a partner without consent of all existing partners.
(Partnership Act 1961)

Answer 9

Section 26 (g) Partnership Act 1961

Question 10

Any secret profit or benefit must be told to all partners.
(Partnership Act 1961)

Answer 10

Section 31 Partnership Act 1961

Question 11

Any difference arising as to ordinary matters may be decided by a majority of the partners.
(Partnership Act 1961)

Answer 11

Section 26 (h) Partnership Act 1961

Question 12

A partner making advance for the business purpose is entitled to interest at the rate of 8% per annum.
(Partnership Act 1961)

Answer 12

Section 26 (c) Partnership Act 1961

Question 13

Every partner may take part in the management of the business.
(Partnership Act 1961)

Answer 13

Section 26 (e) Partnership Act 1961

Question 14

All partners are entitled to share equally in capital and profits or losses of the business.
(Partnership Act 1961)

Answer 14

Section 26 (a) Partnership Act 1961

Question 15

Every partner is an agent for the firm and other partners for the business of partnership.
(Partnership Act 1961)

Answer 15

Section 7 Partnership Act 1961