An individual i.e., a sole proprietor may not bein a position to cope with the financial andmanagerial demands of the present businessworld.As a result, tow or more individuals may decideto pool their financial and non-financialresources to carry on a business.The final accounts of partnership firm includingbasic concepts of accounting for Admission,Retirement and Death.
By Sunil Kumar Vishwakarma
. Definition and features
The Indian Partnership Act definespartnership as
the relationship between persons who haveagreed to share the profit of a businesscarried on by all or any one of them acting forall