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Question

According to Indian Partnership Act, 1932 the property of the firm includes:

A Only property originally brought into the stock of the firm. Correct Answer Incorrect Answer
B Only property acquired by purchase for the firm. Correct Answer Incorrect Answer
C Only property acquired for the purposes and in the course of the business. Correct Answer Incorrect Answer
D All property originally brought into the stock of the firm and acquired for the firm. Correct Answer Incorrect Answer
E Only property acquired with money belonging to the firm. Correct Answer Incorrect Answer

Solution

Section 14 of Indian Partnership Act, 1932  Subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stock of the firm, or acquired, by purchase or otherwise, by or for the firm, or for the purposes and in the course of the business of the firm, and includes also the goodwill of the business.

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