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Question
Statement I: A partnership is a voluntary association of two or more persons who agree to carry on some business jointly and share its profits and losses.
Statement II: The persons who enter into partnership are individually called ‘partners’ and collectively called ‘firm’.
Options
Only I is correct.
Only II is correct.
Both I and II are correct.
Both I and II are wrong.
MCQ
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Solution
Both I and II are correct.
Explanation:
- Statement I accurately defines partnership as a voluntary association of two or more persons who agree to carry on some business jointly and share its profits and losses.
- Statement II correctly identifies that the persons who enter into a partnership are individually called 'partners' and collectively called ‘firm’.
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