Liabilities of Partners Class 12 Accountancy

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Are you looking for the liabilities of partners as given in Accounting for partnership – Fundamentals chapter class 12 accountancy CBSE Board.

Partners Liabilities class 12 Accountancy

liabilities of partners are subject to agreement among partners. following are the liabilities as given in the class 12 accountancy syllabus of CBSE Board.

1. If a partner earned a profit from a business run by him in competition with the firm. Such profit shall be paid to the firm.

2. If a partner earns a profit from any transaction of the firm or by using any property of the firm. Such profit belongs to the firm and shall be paid to the firm.

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