Rakesh’s father gifted him a cricket bat on his birthday. The cost of the bat was Rs. 800. Few months later, Rakesh sold it to Nishant, one of his school friends, for Rs. 850. He was very happy to earn a profit of Rs. 50. He was boosted by this transaction and after completing his studies, he formed a partnership business with his friend Nishant trading in bats and other sports material under the name M/s Rakesh Traders. Rakesh and Nishant both act like an agent as well as principal of each other. Firm soon started earning good profits. Rakesh’s father suggested them to spend some money on social responsibilities. They then decided to donate free sports goods to schools which were financially weak.
a) Can the transaction between Rakesh and Nishant be termed as business transaction? Give reason.
b) Can the transaction between M/s Rakesh Traders and other persons be termed as business transactions? Give your reason.
c) State the feature of partnership form of business mentioned above?
d) Identify the objective of business fulfilled by M/s Rakesh Traders by donating sports goods.
Answers
Answer:
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