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Q1. Accounting for Partnership (12.5 Marks) Just assume that you would like to start a business with 3 more persons. For this purpose, you need to start a partnership with your 3 partners. Thus, starting partnership needs deed of agreement. While writing deed of agreement consider all the rules, principles, terms, and conditions which are studied in the session. But still there are few restrictions/assumptions/Scenarios need to be followed while writing deed of partnership. Restrictions/Assumptions/Scenarios: a. Partnership must have total four partners with proper detail and expertise. b. Proper business Name, Introduction of business operation and core capability need to be mentioned. C. Capital contribution of each partner need to be different from other. Similarly, profit and loss ratio will also be different from one another based on some logical grounds that need to be provided by you. For example, Partner A profit loss will be different fro Partner B (Justify the reason) and even Partner A itself loss and profit need to be different (Justify the reason) d. At least one partner should have limited partner. e. Partnership received loan of 15% of total capital from bank and 5% from one partner. Need to mention that as well indeed of agreement. Requirements: i. Write a Partnership deed under the light of all the above scenarios. 11. Assume Business Earn a gross profit of 200,000 PKR distribute as per your deed of agreement among creditors and partners. Assume Business Net loss of 175,500 PKR distribute as per your deed of agreement among partners. iv. In case of dissociation of one partner what changes in partnership deed will be occurred just mentioned that changes. (No need to re-write partnership deed) 111