Question

1. Settlement of Accounts [Section 48]
Section 48 of the Indian Partnership Act, 1932 deals with the settlement of accounts when the
firm is dissolved. ​

Answer 1

Answer:

Section 48 of Indian Partnership Act, 1932 states the manner of settlement of accounts at the time of dissolution of partnership firm. Losses should be treated in the following order Loss should be paid: Out of profits of the business, then. Out of capital, then and finally.