Accounting for partnership : Basic concepts Worksheet
This printable matching worksheet on the topic of Economics & Business has 10 questions and answers to match. This matching worksheet is also available to download as a Microsoft Word document or a PDF.
Description
The law relating to partnership is contained in the
any trade,occupation or profession
excess of returns over outlays
Should be carried on by all the partners or some of them acting for all
all the partners are liable, jointly and severely for all the debts and obligations of the firm
each partner should act as a trustee for other partners
a firm is not a legal entity
the document in writing containing the various terms and conditions as to the relationship of the partners to each other is called
profit or loss sharing (in the absence of agreement)
the capital balance of each partner is kept unaltered every year by means of a provision in the partnership deed
