alleryStart learning →With no agreement on ratio, partners share profits and losses?
AIn capital ratio
BEqually among them
CIn drawings ratio
DBy seniority
Answer & Solution
Correct answer: B. Equally among them
Absent a contrary agreement, the Act treats all partners as sharing equally.
Keep practising Partnership
Browse all Partnership questions for CA Foundation, or explore more Accounting topics.
Related questions
In an LLP, a partner is not liable for what?A private limited company can have at most how many shareholders?Which is a stated disadvantage of an LLP?An LLP must be audited if its contributions exceed?An LLP must be audited if annual turnover exceeds?What minimum capital is needed to form an Indian LLP?What cap applies to the number of partners in an Indian LLP?An Indian LLP enjoys which feature that an ordinary firm lacks?