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Class 12 Accountancy Partnership Accounts - Basic Concepts Partnership DeedMedium

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Why is it considered necessary to write the firm's name and nature of business in the deed?

Answer and explanation

Correct answer: To clarify identity and business scope

Name and nature of business define the firm's identity. They also clarify the scope of partners' activities.

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Firm Name Nature Of Business Partnership Deed Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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