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If all partners jointly guarantee minimum profit to one partner and no ratio is given, how will deficiency be borne?

Answer and explanation

Correct answer: In profit sharing ratio of remaining partners

When no special ratio is given, deficiency is generally borne by guaranteeing partners in their profit ratio. This is an important exam rule.

Related tags

Joint GuaranteeProfit RatioDeficiencyPartnership DeedPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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