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Home Questions EQNTKGBRPU
Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:
In partnership firm, profits and losses are shared among the partners______________
Options:
As per agreement
As per partner wish
As per Capital contribution
As per Partnership Act 1932
Correct Answer:
As per agreement
Explanation:
The profits and losses of the firm are distributed among the partners in an agreed ratio. However, if the partnership deed is silent, the firm’s profits and losses are to be shared equally by all the partners.

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