QUESTIONTWO Parimership and Joint Yenture are types of busimess entity and operute with differchi objectives Fot each of theje entities to effectively aperate witbeal confliets ibey have agrement which spells out roles and regulations that povern pariners (Venturen) actions and itactions. Joint venture is nol a parthership in strict senge though we cull if at firpociey partnerhlip. Although parnerstips abd joint ventures sbare many similarities there are signiffenti differences business owners should be aware of when attempting to form un wiliape with anchay entemrise. However, in case of parmershup, section 35 of the Parthership Law of Gianat "Incorporaled Private Parmership Act, 1962 Act 152", the law which govern partmerihip business in the country stipnlates that in a situation where there is no formal agreement betweenvamong partiners. some nales apply subject to any expres of implied agreconeat. Required:- a) Discuss five provisioiss wlach are applicuble is absence of a partnenhip agnecinent. b) Enumerate five differesces between joint ventuten and parmership form of basiness organization. c) Discuss the difference between Hire Purshase and Leasing standarth issued by the IFRS Foundation and the International Aceounting Standards Board (LSB). They are particulatly relevant for companter with shares or secuities lintod on a public stock exchanie. Oulline relevance for the adoption of IFRS. Enamerate not less than three reisens