you can answer shortly only

14. Section 4(v) PA provides that a person receiving, by way of annuity of otherwise, a portion of the profits of a business in consideration of the sale by him of the goodwill of the business is, by reason only of such receipt, a partner in the business or liable as such.

1. True
2. False 15. Section 21 PA states that the mutual rights and duties of partners, whether ascertained by agreement or defined by this Act, may be varied by the consent of all the partners, and such consent may be either express or inferred from a course of dealing.

1. True
2. False

16. Which of the followings are the correct provision of Section 26(a) of the partnership Act 1961:-

1. All the partners are not entitled to share equally in the capital and profits of the business and must contribute equally towards the losses, whether of capital or otherwise sustained by the firm.
2. All the partners are entitled to share equally in the capital and profits of the business and must contribute equally towards the losses, whether of capital or otherwise sustained by the firm.
3. All the partners are entitled to share equally in the capital and profits of the business and must not contribute equally towards the losses, whether of capital or otherwise sustained by the firm.
4. Not all the partners are entitled to share equally in the capital and profits of the business and must contribute equally towards the losses, whether of capital or otherwise sustained by the firm.

17. Section 26(b) PA provides that the firm must indemnity every partner in respect of payments made and personal liabilities incurred by him -

1. In the ordinary and proper conduct of the business of the firm; or
2. In or about anything necessarily done for the preservation of the business or property of the firm.

Unless provided otherwise in the partnership agreement, the right to be indemnified is only where the acts are necessary for the partnership business.

1. True
2. False

18. Which of the followings are the correct provision of Section 26(c) of the partnership Act 1961:-

1. A partner making for the purpose of the partnership, any actual payment or advance beyond the amount of capital that he has agreed to subscribe, is not entitled to interest at the rate of eight per cent per annum from the date of payment or advance.
2. A partner making for the purpose of the partnership, any actual payment or advance beyond the amount of capital that he has agreed to subscribe, is entitled to interest at the rate of eight per cent per annum from the date of payment or advance.
3. A partner making for the purpose of the partnership, any actual payment or advance beyond the amount of capital that he has agreed to subscribe, is entitled to interest at the rate of one hundred per cent per annum from the date of payment or advance.
4. A partner making for the purpose of the partnership, any actual payment or advance beyond the amount of capital that he has agreed to subscribe, is entitled to interest at the rate of eighty per cent per annum from the date of payment or advance.