Indian Partnership Act, 1932
Section - 48 - Mode of settlement of accounts between partners
Mode of settlement of accounts between partners
48. 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) | - | .... To read the full section download the app from Google Play store
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