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JAMB Principles of Accounts 2013 Question 34

Question 34

Partnership Accounts

A partnership's internal regulations are set out by

  1. A.a deed.
  2. B.a law.
  3. C.a constitution
  4. D.an article.
Show the answer and explanation

Answer: A (a deed.)

Explanation

The partnership deed sets out the partners' agreement, such as capital, profit sharing and duties.