Consider the following contents relating to the Partnership Deed.
(A) It contains the names and addresses of the firm and its main business
(B) It contains the Names and Addresses of the Directors of the firm
(C) It contains the capital to be contributed by each partner
(D) It contains the profit and loss sharing ratio
(E) It does not contains the rules regarding operation of Bank Account
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → (A), (C) and (D) only
A partnership deed is the written agreement among the partners; it records the firm’s details and the rights and duties of the partners.
(A) It contains the names and addresses of the firm and its main business — True. This is the first item of the deed.
(B) It contains the Names and Addresses of the Directors of the firm — False. A firm has partners, not directors; the deed gives the names and addresses of all partners.
(C) It contains the capital to be contributed by each partner — True.
(D) It contains the profit and loss sharing ratio — True.
(E) It does not contains the rules regarding operation of Bank Account — False. Rules regarding operation of bank accounts are one of the contents of the deed.
NCERT (2026-27 edition):
|
