Question

Answer any One of the following: 1. Mr.Ashok and Mr.Babu were two sole proprietors' doing similar business They were competing each other and in order to attract customers towards them, they indulged themselves in reducing price of their commodity. Consequently, their profit margin reduced and gradually were facing lo sg. One fine day they met each other and decided to do the business jointly as a partnership firm with the intention of avoiding competition and earn more profit. The smooth and successful running of a partnership firm requires a clear understanding among its partners regarding the various policies governing their partnership. The partnership deed (agreement in writing) serves this purpose. The partnership deed brings clarity to the partners with regard to profit/loss sharing, salary, interest on capital, drawings, admission of a new partner, etc. Though issuing a partnership deed is not mandatory, they both felt it is better to enter into a partnership deed to avoid any possible disputes and litigation among them in future. Hence, they approached an Auditor to draft a partnership deed for them. Assuming you are an Auditor, draft a partnership deed for their partnership firm.​

Answer 1

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Answer 2

Answer:

The following things are present on Partnership Deed.

1. Company name as defined by all partners.
2. Names and data of all  partners of the law firm.
3. The date the transaction was initiated.
4. Time of existence of the company.
5. The amount of capital contributed by each partner.  
6. Profit sharing ratio between  partners.
7. Obligations, duties and powers of each partner of the company.
8. Salaries and commissions (if any) paid to affiliates.
9. The process of joining or leaving a partner.  
10. The method used to calculate goodwill.  
11. The procedure to be followed  in the event of a dispute between partners.
12. Procedures in case of bankruptcy of shareholders
13. Liquidation procedures in case of dissolution of the company.

Explanation:

A partnership deed is a partnership agreement between a company's partners that outlines the terms  of the partnership between the partners. The purpose of the partnership deed is to provide a clear understanding of each partner's role. This ensures the  smooth running of the company.

Partnership deed

A partnership is highlighted when:

• It is the result of an  agreement between the partners. Contracts can be  written or oral. Partnership law does not require the contract to be in writing. If in  writing, the document containing the terms and conditions is called a "partnership deed".
• It usually includes attributes related to all characteristics that affect the connection between partners, such as trading purpose, capital contributions of  each partner, the ratio by which profits and losses are divided among the partners, and the privileges and entitlements of the partners. Partner Borrowing interest, investment interest, etc.

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