alleryUnder Section 14, which of the following is regarded as property of the firm?
AThe goodwill of the business and property acquired for the firm
BA partner's personal residence
CA partner's personal savings
DA partner's private car never used for the firm
Answer & Solution
Correct answer: A. The goodwill of the business and property acquired for the firm
Section 14 includes in firm property the goodwill of the business and all property brought in or acquired for the firm's purposes.
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