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Adjustment in Partner's Capital A/c

What is meant...

Question

What is meant by unlimited liability of a partner ?

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Solution

It means that a partner is liable jointly and also separately fro all the debts of the firm. His private assets can be used for paying off the firm's debts.

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Similar questions

Q. What is meant by `unlimited liability of a partner'?

Discuss the various types of partners and indicate in which cases, the partners have unlimited liability ?

Q. State with reasons whether the following statements are True or False.
In a partnership firm, the liability of partners is unlimited.

Explain the meaning of unlimited liability.

Q. Select the proper option from the options given below and rewrite the completed sentences.

In partnership firm the liability of partners is ________.
(a) limited
(b) unlimited
(c) non of above.

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Adjustment in Partner's Capital A/c

Standard XII Accountancy

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