11th Commerce Chapter 5 Assignment Answer key - Hindu Undivided Family and Partnership

•  Unit – 2
• Chapter – 5 Hindu Undivided Family and Partnership
• Part-A

I.One Mark Questions

1.The firm of Hindu Undivided Family is managed by whom?

a) Owner

b) Karta

c) Manager

d) Partner

Answer:- b. Karta

2.In the firm of Hindu Undivided Family, how one gets the membership?

a) By Agreement

b) By Birth

c) By Investing Capital

d) By Managing

Answer:- b) By Birth

3.The members in the joint Hindu family are called …….

a) Karta

b) Coparceners

c) Generations

d) Partners

Answer:- b) Coparceners

4.‘Only the male members in the family get the right of inheritance by birth’ as ______________

a) Hindu law

b) Mitakshara Law

c) Dayabhaga law

d) None of these

Answer:- b) Mitakshara Law

5.A partnership is formed by _

a) agreement

b) relationship among persons

c) the direction of government

d) Friendship

Answer:- a) agreement

6.Registration of partnership is __

a) Compulsory

b) Optional

c) Not necessary

d) None of the above

Answer:- b) Optional

7.A temporary partnership which is formed to complete a specific job doing a specified period of time is called __

a) Partnership-at-will

b) Particular partnership

c) Limited Partnership

d) Joint Venture

Answer:- d) Joint Venture

8.The relations which exist between persons competent to make Contracts who agree to carry on a lawful business in common with a view to privates again

a) Prof. Harey

b) Spriegal

c) J.J. Heanson

d) None of the above

Answer:- a) Prof. Harey

9.To Select the correct, pair:

a) Dissolution of Partnership – The industry does not continue

b) Dissolution of Firm – Is the breakdown of the existing relationship the allies

c) Dormant Partner – The one who invests and manages the business

d) Minor Partner – Who is the member of the Company without the knowledge of other partners

Answer:- b) Dissolution of Firm – Is the breakdown of the existing relationship the allies

Match list I with List II

List – I                                         List – II

Partnership at will                  – (i) Partnership continues its business activities

Partnership for a fixed term  – (ii) Popular with small companies

Particular Partnership            – (iii) Partnership formed for specific period of time

Limited liability Partnership    – (iv) A Partnership that has begun to do a particular business

a) 1-i, 2-iii, 3-iv, 4-ii

b) 1-ii, 2-iii, 3-i, 4-iv

c) 1-iv, 2-i, 3-iii, 4-ii

d) 1-iii, 2-ii, 3-i, 4-iv

Answer:- a) 1-i, 2-iii, 3-iv, 4-ii

Part-B

II.Very Short Answer.

11.Who is called KARTA?

• All the affairs of a Joint Hindu Family are controlled and managed by one person who is known as ‘Karta’ or ‘Manager’.

12.What are the two schools of Hindu law?

• Dayabhaga is prevalent in Bengal and Assam.
• Mitakshara is prevalent in the rest of the country.

13.How many types of Dissolution?

• The Joint Hindu Family Business is a distinct form of organization peculiar to India. Joint Hindu Family Firm is created by the operation of law. It does not have any separate and distinct legal entity from that of its members.

14.Who is a called a Partner?

• The persons who enter into partnership are individually called ‘Partners’

15.Define Partnership.

• According to Prof. Haney, “The relations which exist between persons, competent to make contracts, who agree to carry on a lawful business in common with a view to private gain”.

Part-C

III. Short Answer.

16.What is the meaning of Coparceners?

• According to HUF, a coparcener is a person who acquires a right in the ancestral property by birth and a person who has a right to demand partition in the HUF property.

17.What is the meaning of Partnership Deed?

• Through a partnership agreement need not necessarily be in writing, it is important to have a written agreement in order to avoid misunderstandings; it is desirable to have a written agreement. A carefully drafted partnership deed helps in ironing out differences which may develop among partners and in ensuring the smooth running of the partnership business. It should be properly stamped and registered.

18.What is meant by Joint and Several Liability?

• Every partner is jointly and severally liable for all acts of the firm. It means that in case the assets are inadequate for meeting the claims of creditors, even their personal properties should be made available. The creditors can recover their claims from all the partners.

19.Who is called a Secret partner?

• Secret Partners are those whose connections with the firm are not known to the public. They will take part in the affairs to the business without disclosing their status in the firm.

20.What is the minimum and maximum number of members in the partnership concern?

• The minimum number of members is two. Maximum is restricted to 10 in the case of banking business and to 20 in all other cases.

Part-D

IV.Write in detail.

21.What are the contents of Partnership Deed?

• Through a partnership agreement need not necessarily be in writing, it is important to have a written agreement in order to avoid misunderstandings; it is desirable to have a written agreement. A carefully drafted partnership deed helps in ironing out differences which may develop among partners and in ensuring the smooth running of the partnership business. It should be properly stamped and registered.

22.Write any three differences between Dissolution of Partnership and Dissolution of Firm.

Nature of Difference	Dissolution of Partnership	Dissolution of Firm
Meaning	Dissolution of a partnership refers to the discontinuance of the relationship between the partner and other part­ners of the firm.	Dissolution of the firm implies that the entire firm ceases to exist, including the relationships among all the partners.
Nature	Voluntary	Voluntary or compulsory
Business	row3 col 1The business of the firm continues as before	The busness of the firm comes to an end.