Answer-Property of a partnership firm

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.

Question

Property of a partnership

firm

A Can be used exclusively for business of the firm, subject to contract.

B Can be used to meet personal losses of Partners.

C Can be used for business of firm.

D Any of B and C.

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Property of a partnership

Solution