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If the deed says a new partner shares only profits and not losses from whom will loss be recovered?

Answer and explanation

Correct answer: From old or remaining loss bearing partners

A special clause may exempt the new partner from losses. Loss will be shared by partners who are liable under the deed.

Related tags

New PartnerLoss ExemptionDeedPartnership DeedPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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