If profit sharing ratio is not specified in the partnership deed, then the profit is shared ________________.

Equally

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According to the seniority of partners

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According to the capital contribution

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According to qualification.

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Solution

The correct option is A Equally
If profit sharing ratio is not specified in the partnership deed, then the profit is shared equally. The partners can share profit in any ratio. But in the absence of an agreement, they share profits equally.

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Similar questions

In the absence of partnership deed, specify the rules relating to the following

(i) Sharing of profits and losses (ii) Interest on partner's capital

(iii) Interest on partner's drawings (iv) Interest on partner's loan

(v) Salary to a partner

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