Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:

What is a partnership deed?

Options:

A document that registers a partnership with the Registrar of Firms

A document that outlines the objectives of the partnership

A written agreement that contains the terms of the partnership agreement

A document that specifies the capital contribution of each partner

Correct Answer:

A written agreement that contains the terms of the partnership agreement

Explanation:

Partnership agreement can be oral or written. When the partners makes the agreement in written form then this document is called partnership deed.