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State Whether the Following Statement Are True Or False. - Book Keeping and Accountancy


State whether the following statement are True or False.

Partnership is an association of two or more persons.


  • True

  • False

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True .

Explanation: According to the Indian Partnership Act of 1932, partnership is defined as "the relation between two or more persons who have agreed to share the profits of a business carried on by all or any of them acting for all." This definition clearly implies that at least two persons are required to start a partnership firm. Hence, the above statement is true.

Concept: Meaning and Definitions of Partnership and Partnership Deed
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Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 1 Introduction to Partnership
Exercise | Q 11 | Page 14
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