:- The equity of the partnership shall be as follows – (a) All equity accrued for the same at the commencement of the joint business, (b) Equity acquired for or on behalf of or for the purpose of the partnership, (c) Transactions made by the partnership Earned money, and (d) Goodwill obtained from the business conducted in partnership. Explanation - All assets and rights received by the firm will be deemed to have been acquired on behalf of the firm, unless the context shows other intentions.