Question

4 Explain the rules applicable in the absence of Partnership Deed, in case of the following (b) Profit & Loss Sharing Ratio, ​

Answer 1

Answer:

Sharing of profits and losses: If the partnership deed is silent on sharing of profit or losses among the partners of a firm, then according to the Partnership Act of 1932, profits and losses are to be shared equally by all the partners of the firm.

Explanation:

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