SELECT * FROM question_mgmt as q WHERE id=5493 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=11 AND chapterId=135 and ex_no='5' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th accountancy Accounting for Partnership : Basic Concepts explain why it is considered better to make a part

Question:

Explain why it is considered better to make a partnership agreement in writing.

Answer:

Partnership is the relation between 2 or more people. The relationship between partners is determined through a document called partnership deed. Partnership deed need not be in writing.But it is advisable to be in writing to minimize the disputes if any arising among the partners. This written contract takes the form of a document and is collectively called as a partnership deed. It is a legal document signed by all the partners and contains every details of the partnership like:

1. Name of the partners.
2. Profits sharing ratio.
3. Powers and duties of the partners.
4. Term of duration of partnership.
5. Interst on capital,loans,drawings etc.


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