In case of a partnership firm, the liability of partners is: MCQ with Answer and Explanation

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In case of a partnership firm, the liability of partners is:

A. Limited to capital

B. Limited

C. Unlimited and joint and several

D. Unlimited but proportionate

Answer: Option C

Solution (By JKSSB Mock Tests)

In a general partnership, partners have unlimited liability, jointly and severally, for firm's debts.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Correct Answer: Option D

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