Which is of relevance in case of partnership audit?

Partnership deed

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Partnerships financial statement

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Both a and b

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None of the above

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Solution

The correct option is C Both a and b
Partnership audit is a legal document which defines about any type of partnership firm.
When we talk about a partnership audit, the most common phrases associated with it are partnership deed and partnership.
Partnership deed is a legal document which specifies all the terms and conditions of any partnership firm whereas partnership is a mutual decision of two or more person to carry on with a single business together.

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