The correct answer is option 3- Both options 1 and 2.
Option 1- Treatment of loss arising out of insolvency of one or more partner
Option 2 - Mode of auditor's appointment
Both are mentioned in partnership deed in the contents of deed.
The Partnership Deed is a comprehensive document that outlines important details pertaining to the partnership. It typically includes the following information:
Firm name, address, and main business details.
Names and addresses of all partners involved.
Capital contribution of each partner.
Duration of the partnership and the accounting period.
Commencement date of the partnership.
Guidelines for operating bank accounts.
Profit and loss sharing ratio among partners.
Interest rates on capital, loans, and partner drawings.
Appointment procedures for auditors, if applicable.
Salaries, commissions, or other payments to partners.
Rights, responsibilities, and liabilities of each partner.
Handling of losses resulting from the insolvency of a partner.
Settlement of accounts in the event of partnership dissolution.
Dispute resolution methods among partners.
Procedures for admission, retirement, or death of a partner.
Any other pertinent matters related to the partnership's operations. |
