Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:

A partnership deed should be drafted and prepared as per

Options:

Provision of Partnership Act

Companies Act

Registrar of Firms

Provisions of the Stamp Act

Correct Answer:

Provisions of the Stamp Act

Explanation:

The partnership agreement's clauses can be modified if all partners agree. It is essential to ensure that the deed is carefully composed, adhering to the requirements of the 'Stamp Act,' and ideally, it should be registered with the Registrar of Firms.