A and B are partners in a firm sharing profits in ratio of 3:2. A earns some profit by entering into some transaction using firm resources. Who share this profit? |
Only A Only B Both A & B None of the above |
Both A & B |
If a partner derives any profit for him/herself from any transaction of the firm or from the use of the property or business connection of the firm or the firm name, he/she shall account for the profit and pay it to the firm. Therefore, A has to share profit with B. |