Under the partnership act, in the absence of a deed, the profit sharing ratio is: MCQ with Answer and Explanation

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Share Report Error

Under the partnership act, in the absence of a deed, the profit sharing ratio is:

A. Equal

B. Based on service rendered

C. Based on capital contribution

D. Determined by the court

Answer: Option A

Solution (By JKSSB Mock Tests)

The Indian Partnership Act, 1932, states that if there is no partnership deed, profits and losses must be shared equally among all partners.

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

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