Give the meaning of ‘Liability of Partners’ as a feature of partnership. (C.B.S.E 2020) Post category:Accountancy Reading time:1 mins read SOLUTION The liability of partners is unlimited jointly and severally. Please Share This Share this content Opens in a new window Twitter Opens in a new window Facebook Opens in a new window Google+ Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostWhat is the status of partnership firm from an accounting viewpoint? Next PostWhat is the minimum number of partners a firm should have? You Might Also Like A and B are partners sharing profits in the ratio of 3 : 2. They admit C as a new partner from 1st April, 2019. They have decided to share future profits in the ratio of 4 : 3 : 3. The Balance Sheet as at 31st March, 2019 is given below: August 2, 2022 A Ltd., engaged in the business of retailing of two wheelers, invested Rs. 50,00,000 in the shares of a manufacturing company. State with reason whether the dividend received on this investment will be Cash Flows from Operating Activities or Investing Activities. October 6, 2022 How will the Realisation Account closed, if it discloses a loss? September 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.