A partner's own van is used in firm business. Is it firm property merely for that?
AYes, after one full year
BYes, once it is registered
CNo, use alone is not enough
DYes, in every single case
Answer & Solution
Correct answer: C. No, use alone is not enough
Property of a partner used for the firm's business is not partnership property merely because of that use.
Keep practising Partnership
Browse all Partnership questions for CA Foundation, or explore more Accounting topics.
Related questions
In an LLP, a partner is not liable for what?A private limited company can have at most how many shareholders?Which is a stated disadvantage of an LLP?An LLP must be audited if its contributions exceed?An LLP must be audited if annual turnover exceeds?What minimum capital is needed to form an Indian LLP?What cap applies to the number of partners in an Indian LLP?An Indian LLP enjoys which feature that an ordinary firm lacks?