1.'Asghar', 'Bilal' and 'Chohan' were partners in a firm 'Du Ben Ent' where 'Sadiq', a minor was admitted to the benefits of the firm with the cosent of all the partners. On attaining majority 'Sadiq' gives a public notice that he wants to become a regular partner. The partners are surprised to read the notice and refuse to take him as a partner:

a.The partners can only refuse to let 'Sadiq' into partnership if they dissolve the partnership; it is the right of 'Sadiq' to choose to be a partner as he was a beneficiary earlier.

b.The partners can refuse 'Sadiq' into partnership if they have a vote by two third majority.

c.Both 'A' & 'B' are correct

d.'Sadiq' has no right to enter the partnership.

2.The share of profit a shareholder will receive is called:

a.Dividend

b.Surplus

c.Net profit

d.Retained profit

3.A private limited company canhave:

a.2 to 20 members.

b.2-50 members.

c.7 to unlimited members.

d.None of the above.

4.A bailment is the:

(a) Delivery of goods by some person to another for some purpose

(b) Payment of money made by some person to another for some purpose

(c) Transfer of ownership in goods by one person to another for some purpose

d)All the above.

5.Goods include the following:

a.Land and houses.

b.Growing crops, which are agreed to be severed from land.

c.Bill of exchange.

d.Currency notes in circulation