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The deed has a clause for changing profit ratio on retirement. From which document will the continuing partners ratio be primarily decided?

Answer and explanation

Correct answer: Partnership deed

Change in profit ratio is decided by the deed or partners agreement. In exams apply the deed clause first.

Related tags

RetirementProfit RatioDeed ClausePartnership DeedPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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