Section 48 of IPA : Section 48: Mode Of Settlement Of Accounts Between Partners
IPA
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Explanation using Example
Imagine a scenario where a partnership firm 'XYZ Associates' has decided to dissolve. The firm has some profits, capital assets, and debts to third parties. The partners were sharing profits in the ratio of 3:2:1. Upon dissolution, they need to settle accounts.
First, they use the firm's profits to cover any losses, including capital deficiencies. Since the profits aren't enough, they then use the capital contributed ...
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