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In the absence of any contract to the contrary, capital profit on the dissolution of a Partnership Firm is shared among partners in:
- a)Equal ratio
- b)Capital ratio
- c)Profit-sharing ratio
- d)None of these
Correct answer is option 'C'. Can you explain this answer?
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In the absence of any contract to the contrary, capital profit on the ...
In the event of the dissolution of a partnership firm, capital profit (surplus) is shared among the partners in their profit-sharing ratio unless stated otherwise in a partnership agreement. According to Section 48 of the Indian Partnership Act, 1932, the surplus remaining after settling liabilities, advances, and capital contributions is distributed among the partners in their agreed profit-sharing ratio. If no agreement exists, the default rule is to use the profit-sharing ratio.
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In the absence of any contract to the contrary, capital profit on the dissolution of a Partnership Firm is shared among partners in:a)Equal ratiob)Capital ratioc)Profit-sharing ratiod)None of theseCorrect answer is option 'C'. Can you explain this answer?
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