CBSE Class 11-commerce Answered
Q. Is Mr. Mukul Gupta is a partner ? Explain with reason.
Asked by Chandna.3.manju | 27 Aug, 2019, 07:50: PM
Expert Answer
As per the facts of the question, Mukul Gupta is not a partner of the firm due to the following reason:
One of the most important prerequisite of a partnership is agreement between partners to share profits of business carried on by all or any of them acting for all. In this case, the contract entered into by Mukul Gupta is for the purpose of advancing a loan and not for the purpose of caring out business in a manner stated above.
(Note: This answer is as per the curriculum of CBSE, Class XI, Business Studies)
Answered by charmi | 28 Aug, 2019, 11:10: AM
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