Is it necessary to have a partnership agreement in writing? Post category:Accountancy Reading time:1 mins read SOLUTION No. It is not necessary to have a partnership agreement in written form. An oral agreement is equally valid. However, in order to avoid disputes, it is preferred to have a written agreement. Please Share This Share this content Opens in a new window Twitter Opens in a new window Facebook Opens in a new window Google+ Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostWhy salary and commission paid to partners are recorded in Profit & Loss Appropriation Account instead of Profit & Loss Account? Next PostWhy is it important, to have a partnership deed in writing? You Might Also Like From the following information, calculate Liquid Ratio: August 12, 2022 From the following Balance Sheet of Long and Short, calculate interest on capital @ 8% p.a. for the year ended 31st March, 2019. Balance sheet as at 31st March, 2019. July 21, 2022 X, Y and Z are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Z retires from the firm on 31st March, 2019. On the date of Z’s retirement, the following balances appeared in the books of the firm: General Reserve Rs. 1,80,000 Profit and Loss Account (Dr.) Rs. 30,000 Workmen Compensation Reserve Rs. 24,000 which was no more required Employees’ Provident Fund Rs. 20,000. Pass necessary Journal entries for the adjustment of these items on Z’s retirement. August 3, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
From the following Balance Sheet of Long and Short, calculate interest on capital @ 8% p.a. for the year ended 31st March, 2019. Balance sheet as at 31st March, 2019. July 21, 2022
X, Y and Z are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Z retires from the firm on 31st March, 2019. On the date of Z’s retirement, the following balances appeared in the books of the firm: General Reserve Rs. 1,80,000 Profit and Loss Account (Dr.) Rs. 30,000 Workmen Compensation Reserve Rs. 24,000 which was no more required Employees’ Provident Fund Rs. 20,000. Pass necessary Journal entries for the adjustment of these items on Z’s retirement. August 3, 2022