Write TRUE is the statement is TRUE and write FALSE if the statement is incorrect. 1. A newly organized partnership should always open a new set of books for its use. 2. All partnerships have general partners
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
. Write TRUE is the statement is TRUE and write FALSE if the statement is incorrect.
1. A newly organized partnership should always open a new set of books for its use.
2. All partnerships have general partners.
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