Partnership
“Partnership is the relation between person who has agreed to share the profits of business carried on by all or any of them acting for all.”
A partnership, thus, is a business relationship among two or more persons to share profits and losses of the business, carried on by all or any of them acting for all.
Partners, Firm and Firm Name: The persons who have entered into a partnership with one another individually are called partners and collectively a firm. The name under which the business is carried is called firm name.
Partnership Deed
Partnership comes into existence by an agreement either oral or written. It is always better to have written agreement to avoid any dispute. This written document known as Partnership Deed details the terms and conditions of partnership .It is a legal document signed by all the partners
Special Aspects of Partnership Accounts
- Partners’ Capital Accounts
- Remuneration (Salary or Commission) to Partners
- Interest on Partners Capitals
- Interest on Partners Drawings
- Adjustments for Incorrect Appropriations of Profits in the Past (Past Adjustments)
- Guarantee of Profit
complete solution of Ts Grewal new edition 2024-25
Question 1 t0 15
Question 16 t0 30
Question 31 t0 45
Question 46 to 60
Question 61 to 75
Question 76 to 85
Question 86 to 97