A partnership deed usually doesn't contain the following details: |
Name and address of all the partners Profit and Loss Sharing Ratio Mode of auditor's appointment The date of dissolving the partnership firm |
The date of dissolving the partnership firm |
The correct answer is Option (4) → The date of dissolving the partnership firm. The date of dissolving the partnership firm is not mentioned in the partnership deed. Partnership comes into existence as a result of agreement among the partners. The agreement can be either oral or written. The Partnership Act does not require that the agreement must be in writing. But wherever it is in writing, the document, which contains terms of the agreement is called ‘Partnership Deed’. It generally contains the details about all the aspects affecting the relationship between the partner. The Partnership Deed usually contains the following details:
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