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In the absence of specific provisions in the Partnership Deed, every partner is bound to contribute in ________ to the losses of the firm: 
  • a)
    Equally 
  • b)
    Profit Sharing Ratio 
  • c)
    Capital Ratio 
  • d)
    Any of the above manner 
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
In the absence of specific provisions in the Partnership Deed, every p...
"Partnership" is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
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In the absence of specific provisions in the Partnership Deed, every partner is bound to contribute in ________ to the losses of the firm:a)Equallyb)Profit Sharing Ratioc)Capital Ratiod)Any of the above mannerCorrect answer is option 'B'. Can you explain this answer?
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