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    Question

    Property of a partnership

    firm
    A Can be used exclusively for business of the firm, subject to contract. Correct Answer Incorrect Answer
    B Can be used to meet personal losses of Partners. Correct Answer Incorrect Answer
    C Can be used for business of firm. Correct Answer Incorrect Answer
    D Any of B and C. Correct Answer Incorrect Answer

    Solution

    As per the Indian Partnership Act, 1932 S. 15 APPLICATION OF THE PROPERTY OF THE FIRM. Subject to the contract between the partners, the property of the firm shall be held and used by the partners exclusively for the purposes of the business.

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