The Partnership Deed usually contains the following details:

(A) Amount of capital to be contributed by each partner
(B) The accounting period of the firm
(C) Profit and loss sharing ratio
(D) The rights, duties and liabilities of each partner

Choose the correct answer from the options given below:

(A), (B), (C) and (D)

The correct answer is Option (3) → (A), (B), (C) and (D)

• (A) Amount of capital to be contributed by each partner: YES. This is a crucial financial detail included in the deed.

• (B) The accounting period of the firm: YES. The start and end date of the firm's financial year are usually specified.

• (C) Profit and loss sharing ratio: YES. This is the most essential element of any partnership agreement.

• (D) The rights, duties and liabilities of each partner: YES. The scope of authority and responsibilities of each partner are defined in the deed.