Question

Topic property of firm and its application

Answer 1

partnership property comprises of the following items if there is no agreement between the partners showing any contrary intention:

All property and rights and interest in property that the partners purchase in the common stock as their contribution to the common business.

All property and rights and interest in property that the firm purchases either for the firm or for the purpose and in course of the business of the firm.

Goodwill of the business.