✍️ Meaning of Partnership Deed ✍️
Partnership Deed is a partnership agreement between the partners of the firm which outlines the terms and conditions of the partnership between the partners. The purpose of a partnership deed is to provide clear understanding of the roles of each partner, which ensures smooth running of the operations of the firm.
✍️ Registration of Partnership Deed ✍️
All the rights and responsibilities of each member are recorded in a document known as a Partnership Deed. This deed can be oral or written; however, an oral agreement is of no use when the firm has to deal with tax.
A few essential characteristics of a partnership deed are :
➖ The name of the firm.
➖ Name and addresses of the partners.
➖ Nature of the business.
➖ The term or duration of the partnership.
➖ The amount of capital to be contributed by each partner.
➖ The drawings that can be made by each partner.
➖ The interest to be allowed on capital and charged on drawings.
➖ Rights of partners.
➖ Duties of partners.
➖ Remuneration to partners.
➖ The method used for calculating goodwill.
➖ Profit and loss sharing ratio.
Partnership Deed is a partnership agreement between the partners of the firm which outlines the terms and conditions of the partnership between the partners. The purpose of a partnership deed is to provide clear understanding of the roles of each partner, which ensures smooth running of the operations of the firm.
✍️ Registration of Partnership Deed ✍️
All the rights and responsibilities of each member are recorded in a document known as a Partnership Deed. This deed can be oral or written; however, an oral agreement is of no use when the firm has to deal with tax.
A few essential characteristics of a partnership deed are :
➖ The name of the firm.
➖ Name and addresses of the partners.
➖ Nature of the business.
➖ The term or duration of the partnership.
➖ The amount of capital to be contributed by each partner.
➖ The drawings that can be made by each partner.
➖ The interest to be allowed on capital and charged on drawings.
➖ Rights of partners.
➖ Duties of partners.
➖ Remuneration to partners.
➖ The method used for calculating goodwill.
➖ Profit and loss sharing ratio.
✍️ Contents of Partnership Deed ✍️
While making a partnership deed, all the provisions and the legal points of the partnership deed are included. For a general partnership deed, the below mentioned information should be included.
➖ Name of the firm as determined by all partners.
➖ Name and details of all the partners of the firm.
➖ The date on which business commenced.
➖ Firm’s existence duration.
➖ Amount of capital contributed by each partner.
➖ Profit sharing ratio between the partners.
➖ Duties, obligations and power of each partner of the firm.
➖ The salary and commission if applicable that is payable to partners.
➖ The process of admission or retirement of a partner.
➖ The method used for calculating goodwill.
➖ The procedure that must be followed in cases of dispute arising between partners.
➖ Procedure for cases where a partner becomes insolvent.
➖ Procedure for settlement of accounts in the event of dissolution of a firm.
While making a partnership deed, all the provisions and the legal points of the partnership deed are included. For a general partnership deed, the below mentioned information should be included.
➖ Name of the firm as determined by all partners.
➖ Name and details of all the partners of the firm.
➖ The date on which business commenced.
➖ Firm’s existence duration.
➖ Amount of capital contributed by each partner.
➖ Profit sharing ratio between the partners.
➖ Duties, obligations and power of each partner of the firm.
➖ The salary and commission if applicable that is payable to partners.
➖ The process of admission or retirement of a partner.
➖ The method used for calculating goodwill.
➖ The procedure that must be followed in cases of dispute arising between partners.
➖ Procedure for cases where a partner becomes insolvent.
➖ Procedure for settlement of accounts in the event of dissolution of a firm.
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🎓 Additional Practice Questions by CBSE
🎓 Class 12th (Session 2023-24)
🎓 Class 12th (Session 2023-24)
✅️ Classification of markets on the basis of degree of competition ✅️
1.) Perfect Market: The perfect market is one where there are a large number of buyers and sellers having perfect knowledge of demand, supply and prices.
2.) Imperfect Market: The market in which the conditions of perfect competition are lacking are characterised as imperfect market. The following situations, each based on the degree of imperfections, may be identified as below :-
a. Monopoly Market: Monopoly is a market situation in which there is only one seller of a commodity. When there is only one buyer of a product, the market is termed as a monopsony market.
b. Duopoly Market: A duopoly market is one which has only two sellers of a commodity. The market situation in which there are only two buyers of a commodity is known as duopsony market.
c. Oligopoly Market: Market in which there are more than two but still a few sellers of a commodity is termed as an oligopoly market. A market having a few (more than two) buyers is known as oligopsony market.
d. Monopolistic Competition: When a large number of sellers deal in heterogeneous and differentiated form of a commodity, the situation is called monopolistic competition.
Ex. Choice between various makes of insecticides, fertilizers and equipments etc.
1.) Perfect Market: The perfect market is one where there are a large number of buyers and sellers having perfect knowledge of demand, supply and prices.
2.) Imperfect Market: The market in which the conditions of perfect competition are lacking are characterised as imperfect market. The following situations, each based on the degree of imperfections, may be identified as below :-
a. Monopoly Market: Monopoly is a market situation in which there is only one seller of a commodity. When there is only one buyer of a product, the market is termed as a monopsony market.
b. Duopoly Market: A duopoly market is one which has only two sellers of a commodity. The market situation in which there are only two buyers of a commodity is known as duopsony market.
c. Oligopoly Market: Market in which there are more than two but still a few sellers of a commodity is termed as an oligopoly market. A market having a few (more than two) buyers is known as oligopsony market.
d. Monopolistic Competition: When a large number of sellers deal in heterogeneous and differentiated form of a commodity, the situation is called monopolistic competition.
Ex. Choice between various makes of insecticides, fertilizers and equipments etc.
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● Class X practical exams will be conducted at the school level. It means no external examiner will be appointed by the Board.
● For class XII practicals, the Board will appoint external examiners in each school for conducting the exam and project assessments.
● Practical exams, projects, and internal assessments for the academic year 2023-24 will commence from 1st January, 2024.
● Winter bound school practical exams will start from 14th November (Winter bound schools are those which are situated in the winter bound areas and are expected to remain closed during the month of January due to the winter season).
● Class X practical exams will be conducted at the school level. It means no external examiner will be appointed by the Board.
● For class XII practicals, the Board will appoint external examiners in each school for conducting the exam and project assessments.
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