Qualification > Commerce
Does the Partnership Act completely override a partnership agreement or does it
Ukhti-R:
Okay, but Ari, They DO have a partnership agreement and it does provide for interest on capital except the profit sharing ratio. What will happen in that case?
We know the profit will be distributed equally to both partners acc. to the Partnership Act. But will the interest on capital be paid before?
elemis:
Ah, I see. I'll be honest. My knowledge of the Partnership Act doesnt go beyond what I've stated. Tell Alpha to buy this Accounting book by Frank Wood.
Ukhti-R:
LOOOOOOOOOOOOOOOOOOOOOOOOOOOOL.
You're VERY clever :P
Ukhti-R:
Ohh and she alreadyy has the book yaaarr :P
Dasith:
Partnership act doesnt overide a partnership agreement in any way, if partnership agreement dosent specify some things/do not hav an agreement then the partnership act comes into play, the ans to your question is that intrest on the capital is paid according to the partnership agreement profit is shared equally as partnership agreement dosent specify it , hope u get it :D
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