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Standard XI
Accountancy
Written down Value Method(WDV)
For loss caus...
Question

For loss caused to the firm by his fraud in the conduct of the business, every partner shall __________.

A
Indemnify the firm
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B
Indemnify the other partner
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C
Indemnify all the retiring partners
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D
Indemnify only to working partners
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Solution

The correct option is A Indemnify the firm
According to the Partnership Act 1932, the liability of the partners are unlimited and they are bound to compensate with the loss of the firm that is caused by the fraud in the conduct of business.

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