Question

Mr. Sharma and Mrs. Sharma, a dormant and their son Z enter into a partnership. Mrs. Sharma due to some family problems decided to retire from the firm without giving public notice. Mr. Sharma and Z incurs a liability in the name of the firm. Decide the liability of Mrs. Sharma: (a) She is not liable as she was a dormant partner. (b) Her liability will be adjusted from Mr. Sharma’s Share. (c) Her liability will be adjusted from Z’s Share. (d) Both (a) and (b)

Answer 1

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