Question
According to Indian Partnership Act, 1932 In the
absence of any usage or custom of trade to the contrary, which of the following actions is within the implied authority of a partner?Solution
Section 19 of Indian Partnership Act, 1932 Subject to the provisions of section 22, the act of a partner which is done to carry on, in the usual way, business of the kind carried on by the firm, binds the firm. The authority of a partner to bind the firm conferred by this section is called his “ implied authority”. (2) In the absence of any usage or custom of trade to the contrary, the implied authority of a partner does not empower him to— (a)submit a dispute relating to the business of the firm to arbitration, (b)open a banking account on behalf of the firm in his own name, (c)compromise or relinquish any claim or portion of a claim by the firm, (d) withdraw a suit or proceeding filed on behalf of the firm, (e)admit any liability in a suit or proceeding against the firm, (f) acquire immovable property on behalf of the firm, (h) transfer immovable property belonging to the firm, or (g) enter into partnership on behalf of the firm Â
On selling an item for Rs. 900, the profit earned by the seller is 20% more than the profit earned on selling the same item for Rs. 850. If the seller a...
The profit earned after selling an article for Rs.1643 is the same as loss incurred after selling the article for Rs.1121. What is the cost price of the...
D-Mart sold two toys - one at 10% loss and another at 20% profit. What is the percent profit or loss if the cost prices of the toys are in the ratio 3:2?
- Two Friends sell an article for Rs. 960, each earning a 25% profit. However, one friend calculates his profit based on the cost price, while the other calc...
 Shashi sells two articles for Rs.25000 each with no loss and no profit in the overall transaction. If one article is sold at 16(2/3)% loss, then the oth...
The cost price of 23 mangoes is Rs.200. Because of bad quality of mangoes, the shopkeeper has to sell mangoes at a loss that is equal to selling price o...
Ravi purchased 6 notebooks, 18 markers, and 12 highlighters for Rs. 240, Rs. 1080, and Rs. 360, respectively, from a seller. By selling each notebook an...
A company produces two products, A and B. The cost price of product A is ₹300 and product B is ₹450. If the company sells 200 units of product A and...
A person bought an article and sold it at a loss of 25%. If he had bought it at 20% less and sold it for 63 more, he would have gained 20%. Find the pro...
A seller marked an article 50% above its cost price and sold it after allowing 20% discount. If he made a profit of Rs. 40, then find the difference bet...