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CBSE Class 12-commerce Answered

what is english partnership act
Asked by sanjaydhandamraj | 14 Mar, 2019, 03:24: PM
answered-by-expert Expert Answer
As per the syllabus of Accountancy for CBSE Class XII, different aspects ofIndian Partnership Act, 1932 are to be studied with respect to maintenance of books of accounts only, where the following points are necessary to understand:
 
Meaning
  • Partnership is an association between two or more persons who agree to do business and share its profits and losses.
  • Partnership is a business relationship among two or more persons to share profits and losses of the business, carried on by all or any of them acting for all.

Definition:

  • Partnership is defined by Indian Partnership Act, 1932, Section 4 as follows: “Partnership is 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.”
Answered by Surabhi Gawade | 14 Mar, 2019, 04:24: PM

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