Accountancy, asked by abirhaith2003, 7 months ago

partnership firm is a trading concern
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Answers

Answered by shantanukumar9686

Answer:

Partnership deeds, in very simple words, are an agreement between partners of a firm. This agreement defines details like the nature of the firm, duties, and rights of partners, their liabilities and the ratio in which they will divide profits or losses of the firm.

Explanation:

The main aim of the partnership firm is to earn maximum profit. The partnership is a trading concern. It undertakes either manufacturing or distributive activities with the sole aim of earning profit and distribute that profit among the partners in a specific ratio.

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