New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Which of the following can be included as a property of

    the partnership firm?
    A immovable property acquired for the purpose of business of the firm Correct Answer Incorrect Answer
    B immovable property and rights Correct Answer Incorrect Answer
    C immovable property acquired in the courts of business of the firm Correct Answer Incorrect Answer
    D B and good will of the business of the firm Correct Answer Incorrect Answer
    E All of the above. Correct Answer Incorrect Answer

    Solution

    Indian Partnership Act    S. 14. THE PROPERTY OF THE FIRM. Subject to contract between the partners, the property of the firm includes all property and rights and interest in property originally brought into the stock of the firm, or acquired, by purchase or otherwise, by or for the firm for the purposes and in the course of the business of the firm, and includes also the goodwill of the business. Unless the contrary intention appears, property and rights and interest in property acquired with money belonging to the firm are deemed to have been acquired for the firm.

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