Partnership agreement: It is a contract two more or more persons which contains all the terms and conditions in order to carry on the business smoothly. It is necessary to help partners to agree mutually on different terms such as profit sharing ratio, remuneration etc., To indicate: The purpose of a partnership agreement and contents to include in it.

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Answer 1

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

Chapter 12, Problem 1RQ

To determine

Partnership agreement:

It is a contract two more or more persons which contains all the terms and conditions in order to carry on the business smoothly. It is necessary to help partners to agree mutually on different terms such as profit sharing ratio, remuneration etc.,

To indicate: The purpose of a partnership agreement and contents to include in it.

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Answer 2

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

Chapter 12, Problem 1RQ

To determine

Partnership agreement:

It is a contract two more or more persons which contains all the terms and conditions in order to carry on the business smoothly. It is necessary to help partners to agree mutually on different terms such as profit sharing ratio, remuneration etc.,

To indicate: The purpose of a partnership agreement and contents to include in it.

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Check out a sample textbook solution

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Answer 3

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

Chapter 12, Problem 1RQ

To determine

Partnership agreement:

It is a contract two more or more persons which contains all the terms and conditions in order to carry on the business smoothly. It is necessary to help partners to agree mutually on different terms such as profit sharing ratio, remuneration etc.,

To indicate: The purpose of a partnership agreement and contents to include in it.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

Chapter 12, Problem 1RQ

To determine