Commercial Applications
Statement I: The Joint Hindu family business refers to a business which is owned by members of a Joint Hindu family.
Statement II: The Joint Hindu family form of business is one in which the family possesses some inherited property.
- Only I is correct
- Both I and II are correct
- Only II is correct
- Both I and II are wrong
Sole Proprietorship
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Answer
Both I and II are correct
Reason — Statement I is correct because the Joint Hindu Family business refers to a business which is owned and managed by the members of a joint Hindu family. Statement II is correct because the Joint Hindu Family form of business is one in which the family possesses some inherited property — the share of ancestral property is inherited by a member from their parents or grandparents.
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