Hi Ajinkya,
We have single PRODUCT LINE (DIVISION) -- GAS.
Hence, Business Partner : Contract Account Relationship of 1-1 is appropriate for our business scenario.
This is in my opinion not a valid argument. Consider Mr. Miller, he owns two flats (i.e. premises) in Main Street. Now he wants to buy gas for both flats from you and, furthermore, use the same bank id or credit card to pay for the two contracts. In your data model you would need to create two BPs for Mr. Miller. If you now need to update the payment data for Mr. Miller you not only need to change two contract accounts but also two business partners. If you, however, forget to change the banking data for one you'll get issues in subsequent processes (either Mr. Miller complaining, bounced payments resulting in dunning etc.).
This is why I question that the 1-1 relationship is correct.
Kindly suggest suitable solution wherein restriction can be made on creation of two or multiple Contract accounts against Single Business Partner.
We are using WEB-UI for master data creation and data is created manually for IND/COMM/NON-COMM segments.
As you are working with the Web-UI this is pretty easy. Simply remove the functionality to create new contract accounts from the used views/processes. This should be possible using mainly customizing. However, there might be views where an enhancement is required (e.g. in the move in process).
Christian