Class 12 Accounts (2024) | Fun Learning Quest for Kids
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✨ Magical Challenges ✨
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Which of the following is NOT a characteristic of a partnership firm as per the Indian Partnership Act, 1932?
When a new partner is admitted into a partnership firm, and the profit-sharing ratio is to be maintained, the incoming partner must compensate the sacrificing partners for their loss of future share of profits. This compensation is typically made in the form of:
In the event of retirement or death of a partner, if the remaining partners decide to continue the business, the goodwill of the firm is:
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