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Introduction to Partnership and Partnership Final Accounts — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyIntroduction to Partnership and Partnership Final Accounts2 Marks
Question
A partnership firm is a Non-Trading concern.
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Answer

This statement is False.
The main aim of a partnership firm Is to earn maximum profit. The partnership is a trading concern. It undertakes either manufacturing or distributive activities with the sole aim of earning profit and distribute that profit among the partners in a specific ratio. It is never formed for charitable purposes.

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