Six friends started a partnership business by investing Rs. 2.00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively. – Swamonk EduCare

Six friends started a partnership business by investing Rs. 2.00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively.

Post category:Accountancy
Reading time:1 mins read

SOLUTION

(i) Partners are individually called ‘Partners’.
(ii)Partners are collectively called ‘Firm’.

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