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12th Class Chapter No 1 - Accounting for Partnership - Basic Concepts in Accounts for CBSE NCERT

When partners carry on business with their firm for a long time, they earn a reputation for it. This reputation translates in monetary terms into expected future profits above normal profits. We commonly refer to this excess profit as the firm’s goodwill. A partnership includes at least two individuals (partners). In certain jurisdictions, there may be an upper limit to the number of partners.A partnership exists to carry on a business.
Posted in 12th on August 21 2019 at 06:10 PM

CBSE NCERT 12th CLASS Accounts OTHER CHAPTERS

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