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In the absence of agreement to the contrary all partners are:
- a)Not entitled to share profits
- b)Entitled to share in capital ratio.
- c)Entitled to share in proportion to their ages.
- d)Entitled to share profits equally.
Correct answer is option 'D'. Can you explain this answer?
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In the absence of agreement to the contrary all partners are:a)Not ent...
Partnership Agreement
In a partnership, an agreement outlines the terms and conditions of the partnership. It includes details such as the capital contribution of each partner, the distribution of profits or losses, and the responsibilities of each partner.
Default Rules
In the absence of any agreement, the partnership is governed by the default rules under the Partnership Act, 1932.
Sharing of Profits
All partners are entitled to share profits equally unless there is an agreement to the contrary.
Sharing of Capital
In the absence of an agreement, partners are entitled to share in the capital ratio. This means that the distribution of capital is based on the proportion of capital contributed by each partner.
Conclusion
In conclusion, if there is no agreement regarding the sharing of profits and capital, all partners are entitled to share profits equally.
In a partnership, an agreement outlines the terms and conditions of the partnership. It includes details such as the capital contribution of each partner, the distribution of profits or losses, and the responsibilities of each partner.
Default Rules
In the absence of any agreement, the partnership is governed by the default rules under the Partnership Act, 1932.
Sharing of Profits
All partners are entitled to share profits equally unless there is an agreement to the contrary.
Sharing of Capital
In the absence of an agreement, partners are entitled to share in the capital ratio. This means that the distribution of capital is based on the proportion of capital contributed by each partner.
Conclusion
In conclusion, if there is no agreement regarding the sharing of profits and capital, all partners are entitled to share profits equally.
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In the absence of agreement to the contrary all partners are:a)Not entitled to share profitsb)Entitled to share in capital ratio.c)Entitled to share in proportion to their ages.d)Entitled to share profits equally.Correct answer is option 'D'. Can you explain this answer?
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