Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 48 – The Partnership Act, 1932

The Partnership Act, 1932

 

48. MODE OF SETTLEMENT OF ACCOUNTS BETWEEN PARTNERS.

 

In settling the accounts of a firm after dissolution, the following rules shall, subject to agreement by the partners, be observed :

 

(a) Losses, including deficiencies of capital, shall be paid first out of profits, next out of capital, and, lastly, if necessary, by the partners individually in the proportions in which they were entitled to share profits;

 

(b) the assets of the firm, including any sums contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order :

 

(i) in paying the debts of the firm to third parties;

 

(ii) in paying to each partner ratably what is due to him from the firm for advances as distinguished from capital;

 

(iii) in paying to each partner ratably what is due to him on account of capital; and

 

(iv) the residue, if any, shall be divided among the partners in the proportions in which they were entitled to share profits.

 

 

Previous | Next

 

The Partnership Act, 1932

 

Indian Laws – Bare Acts

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2021 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation