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Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively.

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INDIVIDULLY AS PARTNERS AND COLLECTIVELY AS FIRM
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Commerce Expertise

Individually they are partners and collectively they create partnership firm...
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individually:- partners collectively:-firms
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Tutor

individually:- partners collectively:-firms
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Sole proprietorship Partnership Firm
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What type of business
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Teacher

Individually partners and collectively firm.
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Teacher

Individually partners and collectively firm.
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Individually-partners Collectively-firm
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Partner-individually and Partners-collectively.
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Related Questions

Give two examples of â??Significant non cash transactionsâ??.
Goodwill written off during the year and depreciation charged on fixed assets
Vidyarajeev
0 0
9
Is a partner entitled to salary if he works more than others if partnership deed is silent?
No partner is entitled to a salary if Partnership Deed is silent on it. It doesnt make any difference if he works more than others, if Partnership Deed is silent on it.
Raindial
0 0
5
Where will you show purchase of computer in cash flow statement?
This is an outflow of cash, and computer is a fixed nature asset so it is shown as an outflow in investing activity
Vijaya
0 0
5
Why should a new partner contribute towards goodwill on his admission?
Due to admission of a new partner, old partners have to share their part in their value of goodwill created till date. Hence they (old) partners wants contribution from new partner for their compromise...
Chittaranjan

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Meaning of partnership term
Partnership is the legal relation between two or more persons who have agreed to share profits and losses of the business carried on by all or any of them acting for all.

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