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TypeBare Act JurisdictionCentral Government

Indian Partnership Act, 1932 Section 48

Mode of Settlement of Accounts Between Partners

~1 min read
https://sooperkanoon.com/act/12669

Bare act section · Research

About this section

Indian Partnership Act, 1932 Section 48 is part of Indian Partnership Act, 1932 - Mode of Settlement of Accounts Between Partners. Read the section text below and explore Indian court judgments that cite it.

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Section Text

In settling the accounts of a firm after dissolution, the following rules shall, subject to agreement by the partners, be observed:

(a) losses, including deficiencies of capital, shall be paid first out of profits, next out of capital, and, lastly, if necessary, by the partners individually in the proportions in which they were entitled to share profits;

(b) The assets of the firm, including any sums contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order:

(i) in paying the debts of the firm to third parties;

(ii) in paying to each partner rateably what is due to him from the firm for advances as distinguished from capital;

(iii) in paying to each partner rateably what is due to him on account of capital; and

(iv) the residue, if any, shall be divided among the partners in the proportions in which they were entitled to share profits.

Frequently asked questions

What does Indian Partnership Act, 1932 Section 48 provide?

Section Section 48 of the Indian Partnership Act, 1932 (Mode of Settlement of Accounts Between Partners) is reproduced on this page as part of the Indian Partnership Act, 1932. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Indian Partnership Act, 1932 Section 48?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Indian Partnership Act, 1932 Section 48. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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