Property of a Partnership Firm

Sir , what is the difference between assets of the partnership firm and properties of the partnership firm?

asked Jun 12, 2016 in Partnership-Fundamentals by Sankari Dkshith B (99 points) 133 views

1 Answer

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Assets is a wider term in includes both movable and immovable assets, tangible and intangible while Properties normally refer to immovable properties.  One thing you must understand is that a firm is not a separate legal entity, hence all the assets are held by all the partners jointly.  This whenever they buy any property for business, they buy in their joint names
answered Jun 13, 2016 by jbsclasses (3,971 points)