Observation

Most candidates who attempted this question performed very well. However, some candidates could not list the required number of items in the partnership deed.
 
The expected responses to the question include:

(a)        Items found in a partnership deed

• The name and address of the business.
• The names and addresses of the partners.
• Amount of capital to be contributed by each partner.
• Interest payable on loans (if any)
• Remuneration/salaries of active partners.
• Procedure to follow in admitting new partners.
• The objects/nature of the business.
• Methods used in sharing profit and loss.
• The drawing rights of the partners.
• Dissolution of the business.

• Management of the partnership.
• Procedure of settling disputes among partners.
• Duration of the partnership.
• Rights and responsibilities of the partners.

(b)      Functions of the following organizations

1. Bureau de change

• It buys foreign currencies from official sources and make them available to users.
• It stabilizes the foreign exchange market by making currencies available to the businesses that cannot buy from the central bank.
• It facilitates the transfer of funds.

 

2. Microfinance bank

• It provides savings opportunity to small savers.
• It provides lending facilities to small borrowers.
• It helps in disbursing funds to small traders under government policy.
• It provides finance to cooperative societies.
• It creates opportunity for self-employment for small entrepreneurs.

 

3. Commodity market

• It facilitates the standardization of products.
• It helps to determine the prices of products.
• It collects and disseminates market information on the prices of products they deal in.
• It ensures that products are properly graded to meet international standards.
• It provides mechanisms for the arbitration of trade disputes among members.
• It enables buyers and sellers of tradeable commodities to meet each other.