Question 8 I. The transfer by a partner of his partnership interest does not make the assignee of such interest a partner of the firm, nor entitle the assignee to interfere in the management of the partnership business or to receive anything except the assignee's profits. II. Generally understood to mean an organization formed for some temporary purpose, a joint Venture is likened to a particular partnership. a. Only I is correct b. Only II is correct c. Both are true d. Both are false
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Question 8
I. The transfer by a partner of his
II. Generally understood to mean an organization formed for some temporary purpose, a joint Venture is likened to a particular partnership.
a. Only I is correct
b. Only II is correct
c. Both are true
d. Both are false
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