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A and B jointly purchased a plot of land. Will they be called partners?

  • Post category:Accountancy
  • Reading time:1 mins read

SOLUTION

No. They become the joint owners of the property and not the partners. However, it they are in the business of purchase and sale of land in order to make profit, they will be called partners.

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Previous PostMention a case where Profit & Loss Appropriation Account will be prepared even if Profit & Loss Account discloses net loss.
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