Question

What are the contents of the partnership deed?

Options

• Names and Addresses of the firm and its main business.

• Names and Addresses of all partners.

• Amount of capital to be contributed by each partner.

• All of the above

Answer 1

All of the above

Explanation:

The Partnership Deed usually contains the following details:

1. The firm's name and address, as well as its primary business.
2. All partners' names and addresses.
3. The amount of capital that each partner will contribute.
4. the firm's accounting period.
5. The date on which the relationship began;
6. Regulations governing the functioning of bank accounts.
7. The ratio of profit and loss sharing.
8. The interest rate on capital, loans, withdrawals, and other items.
9. If any, the auditor's appointment mode.
10. Salaries, commissions, and other benefits due to any partner.
11. Each partner's rights, responsibilities, and obligations.