The Partnership Deed usually contains the following details:

(A) Amount of capital to be contributed by each partner

(B) The accounting period of the firm

(C) Profit and loss sharing ratio

(D) The rights, duties and liabilities of each partner

Choose the correct answer from the options given below:

A Partnership Deed is a written agreement that governs the relationship between partners and the functioning of the partnership firm.

Let's examine each statement:

(A) Amount of capital to be contributed by each partner - This is included in the partnership deed as it specifies the initial investment each partner must make and helps determine their stake in the firm.

(B) The accounting period of the firm - This is mentioned in the deed to define the financial year for preparing accounts and calculating profits/losses (typically April 1 to March 31).

(C) Profit and loss sharing ratio - This is a fundamental clause that determines how profits and losses will be distributed among partners. Without this, profits are shared equally as per the Partnership Act, 1932.

(D) The rights, duties and liabilities of each partner - The deed clearly outlines what each partner is authorized to do, their responsibilities towards the firm, and their liabilities in case of debts or losses.

All four elements are standard and essential components of a Partnership Deed. The deed is a comprehensive document that covers all aspects of the partnership arrangement to avoid future disputes.

Correct Answer: Option 3 - (A), (B), (C) and (D)