(a) What is partnership? Define partnership deed.

(b) Hari and Giri entered into partnership contributing capitals of Rs. 60,000 and Rs. 30,000 respectively. They agreed to share profits and losses in the ratio 2: 1. During the year Hari and Giri withdraw Rs. 10,000 and Rs. 6,000, respectively. The profit for the year ended December 31,1989 was Rs. 42,000. Prepare Profit and Loss Appropriation Account taking into consideration the following: i) Hari is to be allowed a salary of Rs. 3,000 p.a. ii) Interest on capitals is to be provided at 5% pp,. iii) Interest on Giri's Loan Account of Rs, 20.000 is to be charged for the whole year. iv) Interest on drawings is to be charged at 6% p.n.

a)

Partnership is a type of business structure in which two or more individuals come together to carry out a commercial activity with the aim of earning a profit. Partnerships are a popular form of business organization because they allow individuals to pool their resources, knowledge, and skills to achieve a common goal.

In a partnership, each partner contributes capital, labor, or skills to the business and shares in the profits and losses of the enterprise. The ownership and management of the partnership are divided among the partners, who also share responsibility for the debts and obligations of the business.

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