does IOC IOD come in trial balance
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Partnership Partnership is when two or more persons agreed to work together for business purpose Persons are termed as Partners Collectively partners form a Firm Nature of Partnership From Accounting point - Firm has a separate legal identity; and From Legal point - Firm and partners are not separate i.e. they have same legal entity means partners are personally liable. 1. 3. 4. 5. IV. Features/Characteristics of Partnership Two or more persons a deed between the two Lawful business Profit Sharing Business can be carried on by All or Any one acting for All: (Partners are agents as well as principal of the firm) Partnership Deed: An oral or a written agreement between the two Name, description and addresses of Partners 1. Name and address of the Firm 2. Address of the Place of business 3. Date of Commencement of Partnership 4. Capital Contribution by Partners 5. Rate Of Interest Of Capital: F p 6. 7. Rate Of Interest on Loan: F p Remuneration: F 8. 9. Rate Of Interest Of Drawings: p F Profit/Loss sharing Ratio 10. 11. Valuation of Goodwill and Assets 12. Accounting Period 13. Accounting Period Rights and Duties of Partners 14. Duration of Partnership Firm 15. Bank Account Opening Operations 16. 17. Settlement of Accounts