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Six friends started a partnership business by investing ₹ 2,00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively. - Accounts

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Question

Six friends started a partnership business by investing ₹ 2,00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively.

Very Short Answer
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Solution

Partners are individually called ‘Partners’. Partners are collectively called ‘Firm’.

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Chapter 1: Accounting for Partnership Firms - Fundamentals - SHORT ANSWER QUESTIONS [Page 1.126]

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D. K. Goel Accountancy Volume 1 and 2 [English] Class 12 ISC
Chapter 1 Accounting for Partnership Firms - Fundamentals
SHORT ANSWER QUESTIONS | Q 4. | Page 1.126
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