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X and Y buy certain bales of cotton which they agree to sell on their joint account and
to share the profits equally. State whether X and Y can be considered as partners as
per the Provisions of Indian Partnership Act, 1932?
?
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X and Y buy certain bales of cotton which they agree to sell on their ...
Yes, X and Y can be considered as partners as per the provisions of the Indian Partnership Act, 1932. The Act defines a partnership as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
Explanation:
The following points explain why X and Y can be considered as partners:
Agreement: X and Y have agreed to sell the cotton bales on their joint account and share the profits equally. This agreement fulfills the condition of a partnership that there must be an agreement between two or more persons to carry on a business.
Business: The sale of cotton bales by X and Y on their joint account can be considered as a business. The Act defines business as every trade, occupation, or profession. Therefore, the sale of cotton bales can be considered as a business.
Profit-sharing: X and Y have agreed to share the profits equally. This condition also fulfills the requirement of a partnership that the business must be carried on by all or any of them acting for all and the profits must be shared among them.
Conclusion:
Therefore, X and Y can be considered as partners as per the provisions of the Indian Partnership Act, 1932. They fulfill the conditions of a partnership, which are an agreement, a business, and profit-sharing.
Explanation:
The following points explain why X and Y can be considered as partners:
Agreement: X and Y have agreed to sell the cotton bales on their joint account and share the profits equally. This agreement fulfills the condition of a partnership that there must be an agreement between two or more persons to carry on a business.
Business: The sale of cotton bales by X and Y on their joint account can be considered as a business. The Act defines business as every trade, occupation, or profession. Therefore, the sale of cotton bales can be considered as a business.
Profit-sharing: X and Y have agreed to share the profits equally. This condition also fulfills the requirement of a partnership that the business must be carried on by all or any of them acting for all and the profits must be shared among them.
Conclusion:
Therefore, X and Y can be considered as partners as per the provisions of the Indian Partnership Act, 1932. They fulfill the conditions of a partnership, which are an agreement, a business, and profit-sharing.
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X and Y buy certain bales of cotton which they agree to sell on their joint account and
to share the profits equally. State whether X and Y can be considered as partners as
per the Provisions of Indian Partnership Act, 1932? Related: ICAI Notes 3.1 - Basics of Partnership?
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X and Y buy certain bales of cotton which they agree to sell on their joint account and to share the profits equally. State whether X and Y can be considered as partners as per the Provisions of Indian Partnership Act, 1932? Related: ICAI Notes 3.1 - Basics of Partnership? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about X and Y buy certain bales of cotton which they agree to sell on their joint account and to share the profits equally. State whether X and Y can be considered as partners as per the Provisions of Indian Partnership Act, 1932? Related: ICAI Notes 3.1 - Basics of Partnership? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X and Y buy certain bales of cotton which they agree to sell on their joint account and to share the profits equally. State whether X and Y can be considered as partners as per the Provisions of Indian Partnership Act, 1932? Related: ICAI Notes 3.1 - Basics of Partnership?.
X and Y buy certain bales of cotton which they agree to sell on their joint account and to share the profits equally. State whether X and Y can be considered as partners as per the Provisions of Indian Partnership Act, 1932? Related: ICAI Notes 3.1 - Basics of Partnership? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about X and Y buy certain bales of cotton which they agree to sell on their joint account and to share the profits equally. State whether X and Y can be considered as partners as per the Provisions of Indian Partnership Act, 1932? Related: ICAI Notes 3.1 - Basics of Partnership? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X and Y buy certain bales of cotton which they agree to sell on their joint account and to share the profits equally. State whether X and Y can be considered as partners as per the Provisions of Indian Partnership Act, 1932? Related: ICAI Notes 3.1 - Basics of Partnership?.
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to share the profits equally. State whether X and Y can be considered as partners as
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