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Liability of firm for misapplication by partners, under Sec. 27 implies:
A partner acting within his apparent authority receives money or property from third party and misapplies it.
A firm in the course of its business receives money or property from a third party and the money or property is misapplied by any of the partners while it is in the custody of the firm.
Both (a) and (b).
Only (b).
By: santosh ProfileResourcesReport error
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