[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-664887-105":59,"doc-detail-664887-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","accountancy-accounting-for-partnership-basic-concepts","ACCOUNTANCY Accounting for Partnership - Basic Concepts","","Partnership is explained as an association of two or more persons who agree to carry on a lawful business and share profits and losses. The document presents the legal meaning under the Indian Partnership Act, 1932, Section 4, and lists essential partnership characteristics including competency of partners, agreement through a partnership deed, profit-sharing, and business carried on by partners acting for all. It further covers the rights of partners, key contents of the partnership deed, and why the deed is legally important.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/accountancy-accounting-for-partnership-basic-concepts/664887/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/accountancy-accounting-for-partnership-basic-concepts/664887.png","ImageObject",300,407,{"name":92,"@type":93},"miraaa_2004","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-30","2026-10-29",true,{"@type":102,"interactionType":103,"userInteractionCount":8},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What is a partnership according to the Indian Partnership Act, 1932?","Question",{"text":112,"@type":113},"Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What essential features are required to form a partnership?",{"text":117,"@type":113},"A partnership requires two or more competent persons, a legal agreement, the carrying on of a lawful business, profit and loss sharing, and business conduct by partners acting for all.",{"name":119,"@type":110,"acceptedAnswer":120},"What rights does every partner generally have?",{"text":121,"@type":113},"Partners have rights to participate in management, be consulted, inspect books of account, share profits and losses as per the ratio, receive agreed interest on loans, and act and be indemnified for expenses in emergencies.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},664887,1793278514,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":8,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":129,"read_time":144},962094249165,"https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0","|  |\n| --- |\n| ACCOUNTANCY Accounting for Partnership: Basic Concepts |\n\nAccounting for Partnership: Basic Concepts  \nMeaning and Definition of Partnership  \n􀁸 Meaning  \no Partnership is an association between two or more persons who agree to do business and share its profits and losses.  \no Partnership is a business relationship among two or more persons to share profits and losses of the business, carried on by all or any of them acting for all.  \n􀁸 Definition:  \no Partnership is defined by Indian Partnership Act, 1932, Section 4 as follows: “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.”  \nEssential Features or Characteristics of Partnership:  \nFollowing are the essential features or characteristics of partnership:  \ni. Two or more persons: To form a partnership, there must be at least 2 partners who are competent to contract and who are not minor, persons of unsound mind and persons disqualified by any law. The maximum number of the partners in the firm cannot exceed 50 vide Rule 10 of the Companies Rules, 2014 as prescribed by the Central Government.  \nii. Agreement: It is a legal document signed by all the partners. A written agreement containing the terms and conditions of partnership and because of which the partnership comes into existence is known as Partnership Deed.  \niii. Lawful Business: A partnership is formed to do a lawful business which includes trade, vocation and profession. Any type of charitable institution running as a not-for-profit organization will not be considered as a business.  \niv. Profit-Sharing: A partnership agreement specifies how the profits and losses of the firm will be shared by the partners.  \nv. Business can be carried on by all or any of the Partners Acting for All: Since, the partners are the agents as well as principals of the firm, such business of the partnership firm can be carried on by all or any of the partners acting for all.  \n\n| [www.topperlearning.com](www.topperlearning.com) | 2 |\n| --- | --- |\n\n\n|  |\n| --- |\n| ACCOUNTANCY Accounting for Partnership: Basic Concepts |\n\nRights of Partners:  \nEvery Partner has the right:  \n[i. to](i. to) participate in the management of the business.  \n[ii. to](ii. to) be consulted about the affairs of the business.  \n[iii. to](iii. to) inspect the books of account and have a copy of it.  \niv. to share profits and losses with others in the agreed ratio.  \n[v. to](v. to) receive interest on the loan advanced by him to the firm at an agreed rate of interest. Where the rate is not agreed, interest is paid at the rate [of 6% p.a. as](of 6% p.a. as) per the provisions of Indian Partnership Act, 1932.  \n[vi. to](vi. to) act according to his best judgment in case of emergency and be indemnified for the expenses incurred by him.  \nvii. not to allow the admission of a new partner.  \nvi[ii. to](ii. to) retire from the firm after giving proper notice for the same.  \n[ix. to](ix. to) get indemnified against the expenses incurred by him on the business or incurred by him on behalf of the firm.  \nPartnership Deed:  \nA written document containing the terms and conditions of partnership and because of which the partnership comes into existence is known as Partnership Deed. It is a legal document signed by all the partners and has the following clauses:  \ni. Description of the Partners: It contains names, description and addresses of the partners.  \nii. Description of the Firm: It contains name and address of the firm.  \niii. Principal Place of Business: It contains address of the principal place of business.  \niv. Nature of Business: It specifies the nature of business that the firm shall carry on.  \nv. Commencement of Partnership: Date of commencement of partnership is specified in this clause.  \nvi. Capital Contribution: It mentions the amount of capital that each partner contributes whether capital accounts are fixed or fluctuating.  \nvii. Interest on Capital","cbCaiccyb0YknUam","https://ap.wps.com/l/cbCaiccyb0YknUam","pdf",494179,15,"English","# Meaning and Definition of Partnership\n## Essential Features or Characteristics of Partnership\n# Rights of Partners\n# Partnership Deed\n## Clauses in a Partnership Deed\n# Importance of Partnership Deed","[{\"question\":\"What is a partnership according to the Indian Partnership Act, 1932?\",\"answer\":\"Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.\"},{\"question\":\"What essential features are required to form a partnership?\",\"answer\":\"A partnership requires two or more competent persons, a legal agreement, the carrying on of a lawful business, profit and loss sharing, and business conduct by partners acting for all.\"},{\"question\":\"What rights does every partner generally have?\",\"answer\":\"Partners have rights to participate in management, be consulted, inspect books of account, share profits and losses as per the ratio, receive agreed interest on loans, and act and be indemnified for expenses in emergencies.\"}]","ACCOUNTANCY Accounting for Partnership - Basic Concepts | PDF",38]