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Question
D and J purchased 100 bales of cotton to be sold on Joint Account. They agreed to share profit and losses equally. They are _____________.
D and J purchased 100 bales of cotton to be sold on Joint Account. They agreed to share profit and losses equally. They are _____________.
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Solution
The correct option is A Partners
D and J purchased 100 bales of cotton to be sold on Joint Account. They agreed to share profit and losses equally. They are partners. D and J are the agents of the partnership firm since the business is carried on by all the partners or any one of them acting for alll. Individuals have to enter into a contract to become partners.
D and J purchased 100 bales of cotton to be sold on Joint Account. They agreed to share profit and losses equally. They are partners. D and J are the agents of the partnership firm since the business is carried on by all the partners or any one of them acting for alll. Individuals have to enter into a contract to become partners.
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