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Question
In the absence of specific provision on the partnership deed how profit and loss is shared by the partners?
In the absence of specific provision on the partnership deed how profit and loss is shared by the partners?
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Solution
The correct option is A Equally
Partnership deeds, in very simple words, are an agreement between partners of a firm. This agreement defines details like the nature of the firm, duties, and rights of partners, their liabilities and the ratio in which they will divide profits or losses of the firm.
Partnership deeds, in very simple words, are an agreement between partners of a firm. This agreement defines details like the nature of the firm, duties, and rights of partners, their liabilities and the ratio in which they will divide profits or losses of the firm.
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