Question

Ram, Shyam and Mohan join together and set up a partnership firm. They do the wholesale trade of ghee, sugar, pulses. They got a document prepared, which stated the different terms and conditions in order to run the partnership organization smoothly and successfully. Identify the document prepared by the partners and state its any four contents.

Answer 1

Answer:

partnership deed

Explanation:

partnership deed is the document containing terms and conditions agreed between the partners to conduct the partnership business

Four contents

profit sharing ratio

name of the firm

name of the each partner

capital contributed by each partner and so on

Answer 2

Answer:

Ram, Shyam and Mohan join together and set up a partnership firm. They do the wholesale trade of ghee, sugar, pulses. They got a document prepared, which stated the different terms and conditions in order to run the partnership organization smoothly and successfully. Identify the document prepared by the partners and state its any four contents.