The Partnership Deed usually contains the following details:(A) Amount of capital to be contributed by each partner(B) The accounting period of the firm(C) Profit and loss sharing ratio(D) The rights, duties and liabilities of each partnerChoose the correct answer from the options given below:
- A(A), (B) and (D) only
- B(A), (B) and (C) only
- C(A), (B), (C) and (D)
- D(B), (C) and (D) only
Solution & Step-by-step Explanation
A Partnership Deed is a legal document that contains all the terms and conditions agreed upon by the partners. It typically covers:Amount of capital contributed by each partner (A)The accounting period of the firm (B)Profit and loss sharing ratio (C)Rights, duties, and liabilities of each partner (D)Therefore, all statements are correct.