Welcome to the NCERT Solutions for Class 12 Accountancy - Chapter Accounting for Partnership : Basic Concepts. This page offers a step-by-step solution to the specific question from Exercise 4, Question 2: . With detailed answers and explanations for each chapter, students can strengthen their understanding and prepare confidently for exams. Ideal for CBSE and other board students, this resource will simplify your study experience.
Why it is considered desirable to make the partnership agreement in writing.
Partnership firm is an association between persons to carry out a business. The partners make an agreement to carry out the business which is known as partnership agreement. It states the agreed share of the profits of the business which might be carried out by all or by anyone of them acting on behalf of others.
The agreement may be oral or in writing. Under the Partnership Act, 1932 it is not at all binding to have a partnership agreement in writing. However in order to avoid misunderstandings and dispute among the partners it is recommended to have the agreement in writing. One more reason to have it in writing is, it helps in settling disputes as written agreement is often taken as a reference point. A written deed duly signed and registered under Partnership Act is considered as evidence by the court.
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Read MoreWelcome to the NCERT Solutions for Class 12 Accountancy - Chapter . This page offers a step-by-step solution to the specific question from Excercise 4 , Question 2: Why it is considered desirable to make the partnership agreement in writing.....
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