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Below are listed Content of partnership Deed except:
- a)Interest on Debentures
- b)Interest on Partners capital and drawings
- c)Name of the firm.
- d)Ratio in which profit or losses shall be share
Correct answer is option 'A'. Can you explain this answer?
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Below are listed Content of partnership Deed except:a)Interest on Debe...
Interest paid on debentures is a charge against the profit. Partnership Deed is mainly concerned with the appropriations and some charge. Main contents of partnership deed are interest on capital, interest on drawings, name of the firm, partners, their names and address etc.
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Below are listed Content of partnership Deed except:a)Interest on Debe...
Explanation:
Interest on Debentures:
- Interest on debentures is not typically included in the content of a partnership deed as debentures are a form of long-term borrowing taken by a company and not directly related to the partnership agreement between the partners.
Interest on Partners capital and drawings:
- The partnership deed should specify whether partners are entitled to interest on their capital contributions to the firm or if they have to pay interest on any drawings they make from the partnership.
Name of the firm:
- The name of the firm is a crucial element of a partnership deed as it identifies the business entity under which the partners will conduct their operations.
Ratio in which profit or losses shall be shared:
- The partnership deed must clearly outline the agreed-upon ratio in which profits and losses will be shared among the partners. This ratio is typically based on the capital contributions, effort, or any other criteria agreed upon by the partners.
Interest on Debentures:
- Interest on debentures is not typically included in the content of a partnership deed as debentures are a form of long-term borrowing taken by a company and not directly related to the partnership agreement between the partners.
Interest on Partners capital and drawings:
- The partnership deed should specify whether partners are entitled to interest on their capital contributions to the firm or if they have to pay interest on any drawings they make from the partnership.
Name of the firm:
- The name of the firm is a crucial element of a partnership deed as it identifies the business entity under which the partners will conduct their operations.
Ratio in which profit or losses shall be shared:
- The partnership deed must clearly outline the agreed-upon ratio in which profits and losses will be shared among the partners. This ratio is typically based on the capital contributions, effort, or any other criteria agreed upon by the partners.
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Below are listed Content of partnership Deed except:a)Interest on Debenturesb)Interest on Partners capital and drawingsc)Name of the firm.d)Ratio in which profit or losses shall be shareCorrect answer is option 'A'. Can you explain this answer?
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