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Question
State whether the following statement is True or False with reasons.
Partnership firm is a Non-Trading Concern.
Options
True
False
Solution
Partnership firm is a Non-Trading Concern. - False
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. It is never formed for charitable purposes.
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