Aiou solved assignment 2 for code 438 for the subject naming principles of accounting for semester spring 2016. This is the second solved assignment which is comprehensively solved for you, especially for the students of B.Com level. Principles of accounting subject is offered to commerce students normally by the Universities.

aiou solved assignment 2 code 438 spring 2016 P-2 B

  1. It is relation between the persons who have agreed to share the profits of business carried on by all or any of them acting for all.
  2. When two or more than two persons agree to combine their resources (capital & services) to carry on some lawful business is called partnership.

Essential Elements of Partnership:-

There are many points than can be agreed and written in a partnership agreement. However, all these points must be lawful. The essential elements of partnership agreement are given below:

  1. The date of agreement
  2. The names, addresses and the CNIC numbers of the partners
  3. The name of partnership business
  4. The address of the business place with city and province.
  5. Capitals brought in by each partner
  6. Profit & loss sharing ratio
  7. Salary, Bonus, Commission etc. to any partner
  8. Rate of Interest on capitals (if any)
  9. Drawings and their maximum limit
  10. Interest on drawings, if any
  11. Interest on loan given by a partner to his partnership
  12. Admission procedure for a new partner
  13. Retirement procedure for an existing partner
  14. Goodwill and methods of valuation of goodwill
  15. Methods of treatment of goodwill in books of accounts
  16. Continuation or discontinuation of partnership at the death of a partner
  17. Opening and handing of Bank Account
  18. Partners may go to arbitration or not, in case of disputes
  19. Maintenance of Books of accounts and audit, if any
  20. Duration of partnership, if any
  21. Division of assets on dissolution
  22. Joint Insurance Policy, if any and its treatment
  23. Any other important clause
  24. Signature & Names


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1 Comment
  1. Reply
    anam September 22, 2016 at 6:29 pm

    I didn’t find the first two questions of the assignment kindly help me…

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